Carrier to Acquire BrokerBay Inc., a Leading Digital Real Estate Solutions Provider
Carrier Global Corporation (NYSE:CARR) has announced its agreement to acquire BrokerBay Inc., a leader in real estate management software. This acquisition aims to integrate BrokerBay's user-friendly solutions with Carrier's existing offerings in the Fire & Security sector, particularly enhancing its lockbox management system. The deal is expected to close in October and will streamline real estate processes, ultimately delivering improved efficiencies for agents. Carrier seeks to increase recurring revenue through this strategic acquisition, aligning with their long-term growth plans.
- Acquisition of BrokerBay enhances Carrier's Fire & Security offerings.
- Increases recurring revenue potential through streamlined real estate solutions.
- Improved operational efficiencies for real estate agents expected due to integrated services.
- None.
PALM BEACH GARDENS, Fla., Sept. 16, 2021 /PRNewswire/ -- Carrier Global Corporation (NYSE:CARR) the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, has signed an agreement to acquire BrokerBay Inc., a pioneer in the development of an advanced, streamlined and user-friendly real estate management cloud ecosystem. The software's ability to reduce a brokerage's administrative workload, streamline the real estate scheduling and showing experience, as well as standardize electronic lockbox access, will strengthen Carrier's leading access solutions offering within its Fire & Security business.
"The acquisition of BrokerBay delivers on Carrier's long-standing commitment to growth and innovation," said Jurgen Timperman, President, Carrier Fire & Security. "Our Supra real estate lockbox management and mobile credentialing business paired with BrokerBay's capabilities to deliver advanced digital solutions will improve efficiencies for North American real estate agents, while also driving our strategy of increasing recurring revenue through enhanced services."
Supra, part of Fire & Security's Access Solutions business, has been serving the real estate industry for over 60 years, with key mobile credentialing technology deployed across an installed base of 4 million locking devices in multiple industries. Supra is a market leader in supporting real estate showings and enabled 45 million property showings in 2020.
Following closing, which is expected in October, BrokerBay and Supra will provide a one-stop shop for realtors that combines scheduling and mobile lockbox access in an intuitive, user-friendly showing experience to empower agents, reduce workload and provide actionable analytics.
"With increasingly high volumes in real estate showings, there is a need for agents to act with speed and efficiency," said Jeffrey Stanek, Managing Director, Global Access Solutions, Carrier Fire & Security. "This acquisition will further ensure they have the best solutions available to succeed."
"We're excited to join Carrier as we share a strong commitment to the real estate community," said Costa Ntoukas, CEO, BrokerBay. "BrokerBay will continue delivering best-in-class solutions and integrations to all real estate agents, including Supra customers. We also look forward to joining forces in revolutionizing digital services that exceed our customers' expectations."
The acquisition aligns with Carrier's stated business development approach of strategic acquisitions in digital and aftermarket that will drive recurring revenue for the company.
The terms of the transaction were not disclosed.
About Carrier
As the leading global provider of healthy, safe, sustainable and intelligent building and cold chain solutions, Carrier Global Corporation is committed to making the world safer, sustainable and more comfortable for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit www.Corporate.Carrier.com or follow us on social media at @Carrier.
CARR-IR
Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance or the separation from United Technologies Corporation (the "Separation"), since renamed Raytheon Technologies Corporation. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, share repurchases, tax rates and other measures of financial performance or potential future plans, strategies or transactions of Carrier, the estimated costs associated with the Separation, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
Contact: | Ivanette Bonilla |
561-329-8392 | |
View original content:https://www.prnewswire.com/news-releases/carrier-to-acquire-brokerbay-inc-a-leading-digital-real-estate-solutions-provider-301379115.html
SOURCE Carrier Global Corporation
FAQ
What does Carrier's acquisition of BrokerBay mean for CARR shareholders?
When is the BrokerBay acquisition expected to close?
How will the BrokerBay acquisition impact Carrier's Fire & Security business?
What is the strategic importance of the BrokerBay acquisition for CARR?
