BlackRock makes billion-dollar bet on real estate analytics

The world's largest asset manager agreed to buy French software provider eFront for $1.3B

TRD NATIONAL /
Mar.March 25, 2019 09:05 AM

Blackrock CEO Laurence Douglas Fink (Credit: Getty Images)

In an attempt to further diversify its products, BlackRock is pushing further into the tech sector with the $1.3 billion acquisition of a real estate analytics firm.

The firm will wholly acquire French company eFront, which offers real estate investors and private equity firms analytics on their portfolio’s performance, and provides guidance on adhering to accounting and regulatory obligations, according to Bloomberg.

eFront CEO Tarek Chouman (Credit: Twitter)

As the world’s largest asset manager with $6 trillion under management, BlackRock is seeking to offer more products in the tech sector. It reportedly outbid IHS Markit for eFront, which is also attempting to muscle its way into the sector.

Aladdin, another firm BlackRock purchased, is used by its customers — including pension funds and insurance companies — to generate risk management strategies to reduce the effect on holdings. Increased demand for Aladdin reportedly drove tech revenues for BlackRock last year.

BlackRock has also upped the ante on its real estate products. In the third quarter of last year, it increased its stake in brokerage RE/MAX by 5.2 percent, to 15.2 percent, a portion valued at $114 million.

Launched in 1999, eFront reportedly has 700 clients across 48 countries as of 2018. The analytics firm was reportedly bought by Bridgepoint in 2015 for 300 million euros. [Bloomberg] — David Jeans


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

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

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?

What will proptech look like in 2019 and beyond?
With many tech companies open to long-term remote work for their employees, questions are being asked about how that will impact the office and residential markets in hubs of tech talent. (iStock)

TRD Insights: What #WFH could mean for office and resi costs in tech hubs

TRD Insights: What #WFH could mean for office and resi costs in tech hubs
Juno CEO Jonathan Scherr and a rendering of the project 

Former Apple and Tesla employees launch mass production development company

Former Apple and Tesla employees launch mass production development company
1107 Dekalb Avenue (Google Maps)

Outer boroughs dominate mid-market deals last week

Outer boroughs dominate mid-market deals last week
Tech giants Facebook, Twitter, Apple, Google and Netflix have inked massive new office leases across the country in recent years. How much could the pandemic change that? (iStock)

Is Covid taking the T out of TAMI?

Is Covid taking the T out of TAMI?
As resi brokers in South Florida report an uptick in sales and rentals largely fueled by homeowners fleeing dense markets like New York, office brokers say they’re starting to see a similar trend play out among tech firms. (iStock)

More tech firms eye Miami as Covid carries on

More tech firms eye Miami as Covid carries on
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...