Novation Companies, Inc. (Novation) is engaged in the business strategy of acquiring and operating technology-enabled service businesses. The Company operates in four segments: Corporate, Appraisal Management, Financial Intermediary, and Logistics. Corporate operating results include mortgage securities retained from securitizations, corporate general and administrative expenses, and the operating results of Cloud. Appraisal Management operations include the service fee income and related expenses from the Company's majority-owned subsidiary, StreetLinks. The Financial Intermediary segment consists of the financial settlement service fee income and related expenses from a majority-owned subsidiary of the Company, Advent. In October of 2012, the Company acquired 85% of IVR Central, LLC a call center technology company.