Fathom Holdings Acquires Leading Utah Brokerage, iPro Realty Network
Fathom Holdings Inc. (NASDAQ: FTHM) has acquired Utah-based iPro Realty Network, a full-service residential brokerage with approximately 435 agents. The transaction is expected to be immediately accretive, enhancing Fathom's market presence in Utah's rapidly growing real estate market. In 2021, iPro generated over $1.25 billion in residential sales volume across more than 2,900 transactions. This acquisition aligns with Fathom's strategy to expand its operations across all 50 states.
- Acquisition of iPro Realty Network enhances market presence in Utah, a fast-growing real estate market.
- iPro generated over $1.25 billion in residential sales volume in 2021, indicating strong market performance.
- The acquisition is expected to be immediately accretive, potentially boosting Fathom's revenue.
- None.
CARY, N.C., Feb. 10, 2022 /PRNewswire/ -- Fathom Holdings Inc. (NASDAQ: FTHM), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings for brokerages and agents, today announced that it has acquired Utah-based iPro Realty Network, a full-service residential real estate brokerage company. The acquisition is expected to be immediately accretive. Other terms of the transaction were not disclosed.
iPro Realty Network is an award-winning real estate brokerage with approximately 435 agents that provides a full range of services for buyers and sellers throughout the state of Utah with market dominance in St. George, Cedar City, Orem, Salt Lake City, Clearfield, and Midway. The company was ranked #94 among independent brokerages according to the 2021 RealTrends 500.
"I could not be prouder to have the iPro Realty family join our Fathom family," said Josh Harley, Fathom Holdings' Founder and CEO. "Utah boasts one of the country's fast-growing real estate markets, and we are pleased to be expanding our geographic presence through iPro, a company that values and strives for excellence. We are also proud to serve alongside iPro's leadership team, who shares our commitment to servant leadership as we build critical mass in existing local markets and expand into new markets across Utah. When we took Fathom public, we made a promise to strategically grow across all 50 states, and we continue to take steps to deliver on that promise."
"Our new Utah agents will have full access to Fathom's proprietary cloud-based software, intelliAgent, along with our powerful LiveBy platform, and will also benefit from having additional Fathom services to offer their clients, including mortgage, title, and insurance services, as we continue to help all our agents grow their businesses," said Samantha Giuggio, Chief Operating Officer for Fathom Realty.
iPro Realty Network generated more than
"Our agent-centric philosophy aligns very well with Fathom's servant-leadership culture, putting agents first so they can better serve their communities and clients," said Bill Telford, Founder of iPro Realty Network. "We are beyond thrilled to join the Fathom team and are committed to maximizing value by giving agents all the tools and resources they need to help them be more successful, from a feature-rich technology platform, to unbridled training and support, to a very attractive commission structure. It's these attributes that make Fathom a sought-after industry leader that not only helps retain agents but enables them to keep more of their hard-earned commissions, and ultimately continue to drive transactions in the Utah market."
About Fathom Holdings Inc.
Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, insurance, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company's brands include Fathom Realty, Dagley Insurance, Encompass Lending, intelliAgent, LiveBy, Real Results, and Verus Title. For more information, visit www.FathomInc.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains "forward-looking statements," including, but not limited to, the timing of entering all 50 states. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks in effectively managing rapid growth in our business; reliance on key personnel; competitive risks; and the other risk factors set forth from time to time in our SEC filings, copies of which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations Contacts:
Roger Pondel/Laurie Berman
PondelWilkinson Inc.
investorrelations@fathomrealty.com
(310) 279-5980
Marco Fregenal
President and CFO
Fathom Holdings Inc.
investorrelations@fathomrealty.com
(888) 455-6040
Media Contact:
George Medici
PondelWilkinson Inc.
gmedici@pondel.com
(310) 279-5980
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SOURCE Fathom Holdings Inc.
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