Blue Water Financial Technologies Holding Co. in St. Louis Park is now part of the publicly traded, Tampa, Fla.-based real estate tech company Voxtur.
The $101 million deal closed last week.
"Voxtur's expansive client base provides enormous opportunities for us as well as our clients," Alan Qureshi, Blue Water's managing partner, said in a statement. "This allows us to integrate best-in-class data, analytics and market intelligence that will enhance our ability to deliver transparency and efficiency to our clients."
Qureshi will lead Voxtur's newly created capital markets business unit.
Blue Water provides risk management software to mortgage lenders and investors trading mortgage assets. The deal by Voxtur includes $30 million in cash and the remainder in shares of Voxtur's stock to Blue Water's shareholders.
Founded in 2018, Blue Water generated $6.7 million in net income on revenue of $11.4 million for its most recent fiscal year, according to a release from Voxtur. Between 2019 and 2021, Blue Water's revenue grew by 262%.
Voxtur had roughly $96 million in revenue in 2021.
"By fusing Blue Water's digital asset capabilities with Voxtur's data repository and analytic solutions, we are creating a powerful and sophisticated new platform to streamline mortgage trading," said Voxtur CEO Jim Albertelli in a statement.
Blue Water's largest shareholder was RPC Ventures, a venture capital fund managed by Minneapolis-based investment firm Rice Park Capital Management.
"We are thrilled to become a shareholder of Voxtur and to explore ways for Rice Park to provide strategic value to Voxtur and Blue Water," Nick Smith, Rice Park's chief executive, said in a statement.
Separately, Rice Park Capital is targeting $600 million for an inaugural fund dedicated to investments in mortgage servicing rights, a category with a $120 billion market opportunity, the firm said.