27 Apr 2021
Resolute Asset Management Holdings, an international industry-leader in real estate asset management, has announced it will spin off its data science and technology businesses, allowing the two companies to pursue growth opportunities in their distinct markets.
The new data science and technology company, Recognyte, will continue to develop Resolute’s market-leading suite of AI-driven analytics platforms, and further its aim to transform real estate finance through continuous, technological innovation.
“The spin-off is a hugely exciting moment because it enables us to fully address the enormous potential of both the core technology platforms and the product pipeline across a much wider market and range of use cases than those already covered by Resolute Asset Management”, said Bill Hancock, Managing Partner of Resolute Asset Management and Chairman of Recognyte.
Recognyte will be headed by recently appointed interim CEO, Richard Henshall, who’s significant involvement as Senior Advisor across both businesses from their infancy, brings with him the experience and in-depth industry knowledge required to guide Recognyte through this exciting period of growth.
“Recognyte unlocks value for our clients through applying technology and data science to generate deeper understanding of real estate assets. Our products are leading edge across the real estate and finance landscape and I’m excited to be steering this next chapter”, said Richard Henshall.
Resolute will continue to play a role in designing and commercialising Recognyte’s software and data platforms for its customers in real estate banking and private equity, and identifying new product opportunities in the Proptech space.
The spin-off will go ahead under a Technical & Commercial Cooperation Agreement, further formalising Resolute’s support for the further growth of Recognyte.
Resolute Asset Management’s thirty-strong team of software developers and machine learning experts will transfer to Recognyte, together with existing intellectual property and client contracts.
Resolute’s core technologies, DataScout, ActiveEstate, AssetDynamics, were released across over 10 territories, between 2017 and 2021 to solve crucial real estate investment and lending problems and enable clients to make and implement vastly better decisions about their real estate assets .
These technologies harness natural language processing, AI image recognition, satellite imagery analysis, open-source intelligence, geolocation, target audience identification automated valuation modelling and liquidity analysis to improve decision-making and deliver a huge efficiency boost to real estate finance and investment.
Recognyte products have been designed, tested and refined by senior asset managers at Resolute to give real estate professionals fully customisable solutions for both large, single assets and large portfolios of multiple assets, enabling them to maximise the value of their assets using a data-driven approach.
The advanced technological capabilities have been a result of meeting asset management problems head-on in more than forty geographies, which has brought these products onto a path of continuous improvement.
Following the financial crisis of 2007-2008, financial institutions and investors were confronted with obsolete, inaccurate and often incomplete data for vast numbers of real estate assets.
The challenge was to clean, remediate and re-underwrite collateral and real estate assets quickly, in order to allow intelligent and effective decisions to be made about non-performing loans and real estate asset management. Traditional data remediation and underwriting approaches on this scale were not a viable solution.
DataScout uses natural language processing, image recognition, satellite imagery, open-source intelligence, geolocation and deep-learning valuation and liquidity analysis to remediate data, creating a detailed and precise digital identity of all assets. Each asset can now be located, properly understood, analysed and assessed, with critical decisions supported by real time data and analytics, no matter how large the portfolio.
To solve real estate asset problems effectively, and maintain and increase the value of their properties, asset owners and managers must closely track and monitor market positions and property values.
ActiveEstate collects and analyses asset data in real-time, providing greater control and transparency throughout the lifecycle of real estate assets. This solution enables the user to understand complex and granular asset portfolios at a glance, and smoothly manage workstreams from a single, intuitive platform.
AssetDynamics drastically reduces risk and uncertainty for asset managers, providing greater financial control and oversight of property performance drivers for commercial real estate assets.
From site management and financial transparency to leasing strategies and legal issues, asset owners benefit from highly reliable strategic valuations and financial modelling that meet their business objectives.
“In the wake of the financial crisis, no one was prepared for the structural changes in the real estate and banking sectors. As we anticipate the fallout of the global pandemic, our outlook is different: we now have the technological capabilities to assist investors and financial institutions to make a much smoother and faster recovery”, said Mark Miller, Chief Product Officer of Recognyte.
In over a decade of providing advisory and real estate solutions for a prestigious client roster, Resolute Asset Management has set the benchmark for accurate, real-time data that enhances decision-making, and for the effective, efficient management of investment portfolios using this data alongside their intelligent software that consistently achieves optimal results.
“There is no doubt that automated data remediation, underwriting, analytics and management tools represent the future of real estate and real estate finance. The independence of Recognyte will allow us to extend our leadership in this space”, said Bill Hancock.
