FOREWARN to Provide Identity Verification Services to Denver Metro Association of REALTORS® to Promote Agent Safety

Rhea-AI Summary

FOREWARN, a red violet company (NASDAQ: RDVT), has secured a contract with the Denver Metro Association of REALTORS® (DMAR) to provide identity verification services to its 7,000+ real estate professional members. As the largest local REALTOR® Association in Colorado, DMAR will offer FOREWARN's services at no additional cost to individual agents.

FOREWARN's platform, available online and via mobile app, analyzes billions of data points to help real estate agents verify identities, search criminal histories, and validate potential client information using just a phone number. This implementation aims to enhance agent safety and confidence during property showings.

Positive

• Contract secured with largest Colorado REALTOR® Association, adding 7,000+ new users
• Service provided at no cost to individual agents, potentially driving high adoption rates
• Expansion into key Denver metropolitan market

Negative

• None.

Insights

Enterprise Software Analyst

This strategic partnership marks a significant expansion for RDVT's FOREWARN platform, securing a comprehensive enterprise agreement with Colorado's largest REALTOR® association. The deal structure reveals several key advantages:

• The addition of 7,000+ new users significantly expands FOREWARN's user base, strengthening network effects and data analytics capabilities.
• The association-pays model, where DMAR covers the subscription costs, typically results in higher retention rates and more predictable revenue streams compared to individual agent subscriptions.
• This enterprise-level adoption validates FOREWARN's value proposition in the real estate safety sector, potentially accelerating similar partnerships with other REALTOR® associations nationwide.

The partnership leverages FOREWARN's sophisticated data analytics infrastructure, which processes billions of data points for real-time identity verification. This technological moat, combined with the platform's integration into agent workflows, creates significant barriers to entry for competitors.

The timing is particularly strategic given the increasing focus on real estate agent safety and fraud prevention. By securing DMAR as a client, RDVT gains a strong reference customer in the Mountain West region, which could catalyze expansion into other major metropolitan markets.

The deal's structure as an included benefit suggests a substantial annual contract value, though specific terms aren't disclosed. This type of enterprise agreement typically commands premium pricing while offering volume discounts, optimizing both revenue generation and market penetration.

The largest local REALTOR® Association in the state of Colorado contracts to make FOREWARN services available for its 7,000+ real estate professional members to promote proactive agent safety

BOCA RATON, Fla. , Feb. 19, 2025 (GLOBE NEWSWIRE) -- FOREWARN, LLC, a red violet company (NASDAQ: RDVT) and the leading provider of real-time information solutions for real estate agents, today announced that Denver Metro Association of REALTORS^® (“DMAR”) will offer FOREWARN^® services to its 7,000+ members it serves throughout the Denver metropolitan area to promote proactive real estate agent safety.

Available both online and through a mobile application, FOREWARN analyzes billions of data points and provides users with the ability to mitigate risks by verifying identity, searching for criminal histories, and validating information provided by potential clients -- using just a phone number. FOREWARN allows agents to properly and safely plan for showings with a higher level of confidence.

The FOREWARN services offered by DMAR are available to the 7,000+ members at no additional cost to individual agents.

"Protecting our members and equipping them with the right resources is at the core of our mission," stated Brendan Bailey, CEO of Denver Metro Association of REALTORS^®. "With the evolving challenges in safety and fraud prevention, providing FOREWARN was a natural step. This powerful solution offers real-time identity verification, giving our members the confidence and security they need to navigate their daily business with peace of mind."

Existing DMAR members will receive specific instructions on how to move forward with activating their FOREWARN subscription as an included benefit.

All other real estate agencies, agents, and appraisers can learn more about FOREWARN at www.forewarn.com.

About FOREWARN^®
At FOREWARN, we bring instant knowledge through innovative solutions to ensure safer engagements and smarter interactions. Leveraging powerful analytics and a massive data repository, our solutions enable organizations to gain real-time knowledge, for purposes such as verifying identity, searching for criminal histories, and validating information. Risk assessment and due diligence at your fingertips™.

RELATED LINKS: www.forewarn.com

About red violet^®
At red violet, we build proprietary technologies and apply analytical capabilities to deliver identity intelligence. Our technology powers critical solutions, which empower organizations to operate with confidence. Our solutions enable the real-time identification and location of people, businesses, assets and their interrelationships. These solutions are used for purposes including identity verification, risk mitigation, due diligence, fraud detection and prevention, regulatory compliance, and customer acquisition. Our intelligent platform, CORE™, is purpose-built for the enterprise, yet flexible enough for organizations of all sizes, bringing clarity to massive datasets by transforming data into intelligence. Our solutions are used today to enable frictionless commerce, to ensure safety, and to reduce fraud and the concomitant expense borne by society. For more information, please visit www.redviolet.com.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements,” as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipate,” “believes,” “should,” “intends,” “estimates,” and other words of similar meaning. Such forward looking statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control and which may cause results to differ materially from expectations, including whether FOREWARN will address critical safety and security areas for Denver Metro Association of REALTORS^® members and whether FOREWARN will give Denver Metro Association of REALTORS^® members the confidence and security they need to navigate their daily business with peace of mind. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release and are advised to consider the factors listed above together with the additional factors under the heading “Forward-Looking Statements” and “Risk Factors” in red violet’s SEC Filings. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact:

Camilo Ramirez
Red Violet, Inc.
561-757-4500
ir@redviolet.com

FAQ

What is the impact of DMAR partnership on RDVT's market reach?

The partnership adds 7,000+ new users from the Denver metropolitan area, significantly expanding FOREWARN's user base in Colorado's largest local REALTOR® Association.

How will FOREWARN's services be implemented for DMAR members?

DMAR members will receive specific instructions to activate their FOREWARN subscription, which is included as a member benefit at no additional cost.

What security features does FOREWARN provide to DMAR members?

FOREWARN provides real-time identity verification, criminal history searches, and information validation of potential clients using phone numbers, enabling safer property showings.

When will the FOREWARN service become available to DMAR members?

The service will be implemented in February 2025, as announced in the press release.