B-to-b publisher and professional services provider The Dolan Company has announced agreements to sell off two of its legal services businesses to affiliate groups.
The company’s NDeX South and NDeX Indiana platforms, regional mortgage default processing services, are being sold in separate transactions to separate firms, but will bring in a total consideration of $17.5 million, according to a statement on The Dolan Company website.
While Dolan’s professional services, which make up about three-quarters of the company’s revenue, had a 6.7 percent revenue decline last year, NDeX took an 18 percent hit in its year-end financials. James P. Dolan, chairman, CEO and president of the group, noted that the company would "seek to license our NDeX technology and infrastructure" at the time.
The company saw a continued decline of its NDeX businesses through the first quarter of this year.
"Our mortgage default-related businesses remained under pressure from the reduced pace of referrals as the largest servicers figure out how they want to implement new regulations and procedures," Dolan said. "Given the lower volumes, margins for NDeX were under pressure and revenue shortfalls outpaced our cost reduction efforts.
The company also restructured its NDeX Florida operations late last year.