Compass is getting its latest tech fix.
Just a few weeks after going public, the brokerage announced that it would acquire San Francisco-based Glide Labs, a real estate transaction management platform.
More than 60,000 industry professionals in California, including Compass agents, already use the platform, which streamlines transaction management, digital disclosures, eSignatures and other forms agents typically need during home purchases.
Compass hopes to grow that number by expanding the platform across the country and adding new features and functionalities, according to a press release.
Compass declined to disclose how much it plans to spend on the deal, which is expected to close in the next few days, according to the press release.
Glide says that its platform is used in more than half of California residential real estate transactions, with more than 60 realtor associations and MLS organizations offering it as a member benefit. The platform will remain available to any agent regardless of brokerage affiliation.
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All Glide user and transaction data will be kept separate from Compass’ brokerage services so that competitors’ data won’t be accessible. The company also updated its privacy policy and plans to hire an independent privacy expert to ensure the data doesn’t fall into the wrong hands, according to a blog post by Glide co-founder and CEO Sebastian Tonkin.
This marks the first acquisition by Compass since the firm went public at a $7 billion valuation on April 1.
Before its IPO, Compass spent more than $300 million to acquire brokerages and tech companies with the goal of scaling its business. Some of its biggest purchases include the real estate brokerage Pacific Union International for $83.3 million, and startup Modus Technologies for $70 million.