RE/MAX acquires location intelligence data company
RE/MAX Holdings has acquired fintech company the Gadberry Group, its second fintech acquisition this month. No financial details were disclosed in Monday’s announcement, but according to RE/MAX the acquisition was comprised of cash and stock.
Gadberry Group is a location intelligence data company of 16 employees who build products that help clients solve geospatial challenges through accurate and precise location data.
According to RE/MAX, Gadberry Group will continue to serve non-RE/MAX clients while contributing to RE/MAX.
“The acquisition of Gadberry Group is another building block in the RE/MAX quest to become the worldwide leader in real estate technology,” said Adam Contos, RE/MAX Holdings CEO in a statement.
“For our RE/MAX brand, Gadberry Group is highly complementary to both our First app and booj platform, further strengthens our overall technology infrastructure, and bolsters our formidable data and analytic capabilities,” Contos said. “For RE/MAX Holdings, Gadberry Group further broadens our revenue mix and represents another attractive avenue for growth.”
Serene Smith, chief operating officer of RE/MAX, told HousingWire that the brokerage has been utilizing Gadberry Group’s services since March 2019, and have been impressed with the talent and quality of data from the platform.
“We’re always looking for opportunities where we can have companies that can potentially help us provide better services to our agents and our brokers,” Smith said. “So whether or not it’s assisting with the agent consumer experience or specifically just targeted towards our agents and our brokers just being able to build their businesses.”
RE/MAX Holdings and its mortgage franchise Motto Mortgage announced on Sept. 1 the acquisition of wemlo, a mortgage processing startup, for an undisclosed amount.
Wemlo’s platform connects mortgage brokers and loan originators to the largest processing network in the country, which mitigates the problem of hiring experienced processors, Dustin Morton, vice president of product and strategy at Motto Mortgage said to HousingWire.
Smith said that they’re working out their integration plan and their strategy to hit the ground running with wemlo.
Both of these acquisitions are meant to diversify RE/MAX Holdings’ revenue and growth opportunities and improve the customer experience.
“We’re really excited about the future,” Smith said. “We’ve done a handful of transactions over the course of the last year, and all of them are absolutely increasing our overall value proposition to our agents and our brokers, so we’re excited to add these two into the fold.”
The post RE/MAX acquires location intelligence data company appeared first on HousingWire.