Doma

Doma (formerly known as States Title) uses proprietary technology to streamline title and escrow processes to provide faster and cheaper services for users. The company claimed that it could clear title commitment in less than a minute, while the traditional method may take approximately  five to 10 days. Its customers comprise some of the biggest non-bank lenders and banks in the country. In terms of geographical presence, the company’s services were offered across 48 states and Washington D.C. Furthermore, it covered around 76% of the US in terms of gross written premiums as of May 2021. The company’s most recent additions to its geographical coverage were Massachusetts, South Carolina, and Wisconsin in May 2021.

Doma is already included among the top ten real estate settlement service providers in the US. It acquired North American Title Company and North American Title Insurance Company in early 2019, and claimed its transaction volume grew by 100x from 2018 to 2019.

Its solutions are available to lenders, title agents, real estate professionals, and homeowners. The company currently offers three solutions:

1) Instant underwriting: this service replaces the traditional time-consuming title search with a predictive algorithm model to instantly clear title commitments.

2) Instant closing disclosure: this service automatically extracts information from appropriate documents, reconciles any fees, ensures quality checks, and delivers the completed settlement statement to the lenders.

3) Remote closing: It partners with the leading remote online notarization platform, Notarize, so that notarial activities can be performed remotely.

In  March 2021, the company announced a merger with Capitol Investment Corp. V, a special purpose acquisition company (SPAC), in a transaction that valued the company at USD 3 billion. The transaction closed in July 2021, and the company commenced trading on the New York Stock Exchange (NYSE) under the ticker “DOMA.” As part of the transaction, the company expected to receive up to USD 645 million in cash proceeds, comprising USD 345 million of cash already held by the SPAC and USD 300 million in additional private investment. In March 2024, the company agreed to be bought by Title Resources Group, a leading title insurance underwriter. The all-cash deal valued Doma at USD 223 million or USD 6.29 per share, which was 63% higher than Doma's stock price on March 22, 2024. This move aimed to take Doma private, reversing its public status. The deal was expected to be completed in the second half of 2024, pending shareholder approval.

Doma had reported a 22.3% YoY decline in total revenue to USD 310.9 million in FY2023, from USD 400.0 million recorded in FY2022. The company also reported a net loss of USD 124.4 million for FY2023, compared to a net loss of USD 302.2 million recorded a year ago.

Key customers and partners

In August 2024, Doma partnered with Intellicheck, an identity validation solution provider, to offer an ID verification tool to title agents and approved attorneys via Doma's platform. In January 2023, Doma announced a partnership with Paymints.io, a digital payments software provider for real estate transactions. Through this partnership, Doma planned to leverage Paymints.io’s software and technology to reduce exposure to wire fraud and inefficiencies that tend to arise from following up on paper checks during real estate transactions.