Kansas City-based Novation Cos., which recently sold its appraisal business for $60 million, has invested half of the proceeds in its CorvisaCloud subsidiary.
CorvisaCloud, based in Milwaukee, provides cloud-based communications services to businesses, such as contact centers and phone systems. It will use the $30 capital investment from Novation to increase its sales and marketing efforts as well as to improve operations and pursue acquisitions.
The transactions increase Novation’s emphasis on CorvisaCloud, which had generated less than $1.5 million in revenue last year. Novation’s StreetLinks appraisal management business in Indianapolis had provided $143.6 million in revenue.
Novation invests in businesses that are in their early stages of development and focus on technology-driven services.