Compass Agrees to Acquire Real Estate Transaction-Management Platform Glide
Compass (NYSE: COMP) has announced a definitive agreement to acquire Glide Labs, Inc., a real estate transaction management platform used by over 60,000 real estate professionals in California. The acquisition aims to enhance Compass's technological capabilities and expand Glide's reach nationwide. Glide offers tools for transaction management, eSignatures, and digital disclosures, and is utilized in over half of California's residential transactions. The acquisition is subject to customary closing conditions and is expected to close soon.
- Acquisition of Glide will enhance Compass's technology offerings, providing agents with efficient transaction management tools.
- Glide's platform is widely adopted, serving over 60,000 professionals and having a significant presence in California residential real estate transactions.
- Plans for future expansion of Glide's services across the country could lead to increased market share and growth opportunities.
- Acquisition may face integration challenges, which could impact operational efficiency during the transition.
- Dependence on Glide's platform could pose risks if the technology does not meet expectations or faces adoption hurdles in other states.
NEW YORK, April 26, 2021 /PRNewswire/ -- Compass, Inc. (NYSE: COMP) has entered a definitive agreement to acquire Glide Labs, Inc., a real estate transaction management platform company. Used by more than 60,000 real estate professionals across California, Glide provides agents with critical transaction management tools such as offer and transaction management, digitization of key forms, eSignature and digital disclosures. Compass will continue to invest in Glide to increase its reach amongst agents and partners, within and outside of Compass, and plans to expand to states across the country.
"The Glide team has built a seamless software solution that has attracted tens of thousands of real estate agents in California, including many Compass agents who love the service. Their products have an excellent track record of saving time, reducing risk, and simplifying every step of the offer process — and of course, making complex tasks seem effortless for agents and their clients," said Joseph Sirosh, Compass Chief Technology Officer.
Founded in 2017 by Sebastian Tonkin and Henry Liu, Glide aims to modernize agent workflows by streamlining transaction management, digital disclosures, eSignatures, and other essential forms. The platform is used on over half of California residential real estate transactions and is offered as a member benefit by more than 60 associations of REALTOR® and MLS organizations. Glide will continue to serve all agents no matter their brokerage affiliation, and to ensure the trust of non-Compass agents, all Glide user data will be housed on dedicated servers and separated from Compass' brokerage servers, which is reflected in Glide's updated terms of use and privacy policy.
"Glide remains committed to being a trusted and open platform available to all agents across the industry. We are excited to invest in Glide, expand Glide to states across the country, and add new features and functionality for all agents," said Greg Hart, Compass Chief Product Officer.
"Glide was founded to make real estate transactions faster, simpler and trusted for every agent and client," said Sebastian Tonkin, Glide co-founder and CEO. "We share Compass' vision for the future of real estate and are excited to work together to bring cutting-edge technology to the entire industry."
The acquisition will facilitate the acceleration of adoption and innovation of Glide's technology as agents and their clients increasingly expect a digital real estate transaction experience that is simple and pleasant for everyone. Compass anticipates that the acquisition will close in the coming days, subject to customary closing conditions.
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.
About Glide
Glide's mission is to make real estate transactions faster, simpler and safer for real estate professionals and their clients. Glide is one of the fastest-growing transaction management solutions designed to enhance client service at every step of the home sale journey. Agents, brokers, and teams can access Glide for free at www.Glide.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" including, among other things, Compass' ability to successfully consummate the acquisition of Glide, plans for Glide's expansion following the acquisition and expectations for adoption of Glide's technology. 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. These statements reflect our current perspective on existing trends and information as of the date of this release. Actual results may differ materially from our current expectations depending upon a number of factors affecting our 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 our business and financial results, please review the "Risk Factors" described in our Prospectus filed with the Securities and Exchange Commission (the "SEC") on April 1, 2021, and our other filings with the SEC. Except as may be required by law, we undertake no obligation, and do not intend, to update these forward-looking statements after the date of this release.
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SOURCE Compass
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