Jacksonville, Florida-based Lender Processing Services, Inc. (LPS) has acquired the Chicago-based REO auction company Rising Tide Auctions, the company announced Monday.

LPS says the acquisition will round out its asset management suite of solutions with a property auction option that can help servicers minimize REO timelines and reduce costs. The company plans to market both individual and pools of bank-owned properties to real estate buyers and investors.

The company adds that it is now equipped to manage all aspects of the auction process, including data collection, property due diligence, open house showings, and the auction event itself.

The company says it also plans to utilize an outreach program to encourage broker participation in the auction events to ensure timely disposition of lenders’ REO assets.

The company’s new Web-based technology is used to communicate property details to potential buyers, enable the initiation of pre-emptive sales, and allow simultaneous online bidding. Reporting functionality keeps servicers informed by providing access to sales metrics, auction day selling data, and post-auction escrow information.

“Rising Tide Auctions brings significant assets to LPS, including an impressive team of executives with more than 30 years of successful property auction marketing experience,” said Chad Neel, president of LPS Asset Management and Field Services. “By integrating property auction services with LPS’ other leading default solutions, we can offer our clients an unparalleled toolset for managing and disposing of REO assets that delivers the best overall results.”

Evan Gladstone, former executive managing director of Rising Tide Auctions and now the managing director of the new LPS Auction Solutions, added, “We have successfully auctioned commercial and residential properties through Rising Tide Auctions and other related ventures for more than 20 years. As LPS Auction Solutions, we are combining our deep auction experience with LPS’ substantial reach in the mortgage industry.”