Compass Agrees to Acquire CommonGround Abstract
Compass, Inc. (NYSE: COMP) announced the signing of a definitive agreement to acquire CommonGround Abstract, LLC, a title company serving Pennsylvania and New Jersey. This acquisition expands Compass' title and escrow portfolio, allowing services in nine states and Washington D.C. Founded in 2019, CommonGround Abstract has a reputation for quality service and efficiency. The transaction is expected to close by year-end, enhancing Compass' presence in the Greater Philadelphia and South Jersey markets. Details of the transaction remain undisclosed.
- Expansion of title and escrow services into Pennsylvania and New Jersey.
- Strengthening of market presence in Greater Philadelphia and South Jersey.
- Acquisition of a reputable firm known for quality and efficiency, enhancing customer service.
- None.
NEW YORK, Sept. 28, 2021 /PRNewswire/ -- Compass, Inc. (NYSE: COMP), the real estate technology company, today announced that it has signed a definitive agreement to acquire CommonGround Abstract, LLC, a leading title company serving Pennsylvania and New Jersey. The Compass title and escrow portfolio has expanded rapidly in recent months, now providing closing services in nine states as well as Washington D.C.
"Compass envisions a world where the process of selling or buying a home is simple and pleasant for everyone; a seamless title experience is a critical component of the overall experience," said Compass SVP of New Business Pooneet Kant. "We're incredibly excited to welcome the CommonGround Abstract team to Compass. Their commitment to quality, efficiency and reliability make them a perfect match for Compass."
Founded in 2019, CommonGround Abstract has handled thousands of closings throughout Pennsylvania and New Jersey. The company has built a reputation for caring about their clients and committing to the highest standards of quality, efficiency and reliability.
"We are thrilled to be joining Compass, the most forward-thinking company in the industry and a partner that shares our passion for investing in the success of agents," said Marc Franzoni. "This partnership provides us with the opportunity to further build our network in the Greater Philadelphia and South Jersey markets while continuing to provide exceptional service to our customers."
The transaction is expected to close before the end of the year and the terms of the deal are not being disclosed. Earlier in September the company announced plans to acquire two title and escrow businesses, the Dallas-Fort Worth based title company, LegacyTexas Title and Denver based First Alliance Title. The addition of CommonGround Abstract expands Compass' substantial title and escrow services portfolio, which now operates in California, Colorado, Florida, Maryland, New Jersey, Pennsylvania, Texas, Virginia, Washington State and Washington D.C.
About Compass
Founded in 2012, Compass is a leading real estate technology company, providing an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.Compass.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Compass' current perspective on existing trends and information as of the date of this release. Statements containing words such as "could," "believe," "expect," "intend," "will," or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from Compass' current expectations depending upon a number of factors affecting Compass' business, including, but not limited to, expansion into new markets, prevailing market conditions, the impact of general economic, industry or political conditions in the United States or internationally, and risks related to the impact of the COVID-19 pandemic. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Compass' business and financial results, please review the "Risk Factors" described in Compass' Form 10-Q for the quarter ended June 30, 2021 filed with the Securities and Exchange Commission (the "SEC") on August 10, 2021, and Compass' other filings with the SEC. Except as may be required by law, Compass undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.
Contact: Chris O'Brien, chris.obrien@compass.com
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SOURCE Compass
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