Auction giant Ten-X to sell to private equity firm for more than $1B

The company was formerly Auction.com

TRD New York /
Aug.August 04, 2017 11:01 AM

Executive Chairman for Ten-X Jeffrey Frieden

Private equity firm Thomas H. Lee Partners is purchasing the online real estate marketplace Ten-X for more than $1 billion.

The company, formerly Auction.com, brokers both commercial and residential sales on its platform, the Orange County Business Journal reported. It has sold more than $50 billion worth of properties since it was founded a decade ago, according to the publication.

Ten-X described the sale as a “majority recapitalization.” The senior management and prior investors will keep minority stakes in Ten-X. The sale is expected to close in the third quarter. Auction.com sold a 50 percent stake to Connecticut-based Stone Point Capital, according to the publication. CapitalG injected $50 million into the company in 2014. Another investor is said to be Barry Sternlicht’s Starwood Capital Group, though the size of its stake is unclear.

Last year, the company launched a traditional sales platform, Ten X-Commercial.

Ten-X faces a heap of competition from well-capitalized rivals. Redfin, another real estate tech company, made a strong debut on the Nasdaq stock exchange last week, and now has a market cap of over $2.4 billion. And Seattle-based Zillow Group, which owns Trulia and StreetEasy, has a market cap north of $8 billion. [Orange County Business Journal]Miriam Hall


Related Articles

arrow_forward_ios
Eric Gordon

Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world

Big Tech locations in NYC

MAP: Here’s a look at all the Big Tech locations in NYC

What will proptech look like in 2019 and beyond?

What will proptech look like in 2019 and beyond?

Fritz Wolff (Credit: Katerra)

SoftBank-backed Katerra co-founder leaves company’s board

Masayoshi Son

Small Talk: Our foolproof plan to get SoftBank’s investments back on track

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

Clockwise from left: 5203-5207 Church Avenue in Brooklyn, 119-40 Metropolitan Avenue in Queens, 855 East 217th Street in the Bronx and 31-35 Steinway Street in Queens (Credit: Google Maps)

Going once, Going twice! Rent-stabilized portfolio hits auction block

Airbnb CEO Brian Chesky and Jersey City Mayor Steve Fulop (Credit: Twitter, iStock, Airbnb)

Stakes are high as Jersey City residents vote on Airbnb

arrow_forward_ios