Compass buys Glide, RE transaction management platform

It’s the brokerage’s first acquisition since going public

National /
Apr.April 26, 2021 04:10 PM
Compass CEO Robert Reffkin and Glide CEO Sebastian Tonkin (Getty, Linkedin)

Compass CEO Robert Reffkin and Glide CEO Sebastian Tonkin (Getty, Linkedin)

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.

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.





    Related Articles

    arrow_forward_ios
    From left: 80 Columbus Circle with Robert Stiller and 737 Park Avenue with Hamad bin Khalifa Al Thani (Photos via Google Maps, Agnovos, State of Qatar, Godsfriendchuck/Wikimedia)
    Mandarin Oriental, 737 Park units sell at substantial losses
    Mandarin Oriental, 737 Park units sell at substantial losses
    Steve Cohen and 151 East 158th Street (Getty, Google Maps)
    Steve Cohen’s $30M condo sells above asking — after a 74% cut
    Steve Cohen’s $30M condo sells above asking — after a 74% cut
    Nicole Oge, Casa Blanca founders Hannah Bomze and Erez Zaurer (Getty, Casa Blanca)
    Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
    Former Elliman, WeWork marketing chief joins “Bumble for homes” startup
    470 Broome Street  and Rayo Withanage (Photos via Saltzman Architects, P.C. and Withanage)
    From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
    From Picasso’s estate to squatting in Soho: The 470 Broome Street affair
    Tenants are singing longer leases to lock in low rent. (Getty)
    Tenants locking in longer leases as apartment rents rise
    Tenants locking in longer leases as apartment rents rise
    Last year more people relocated to ZIP codes with lower home values and more space. (Getty)
    Long-distance movers found cheaper and larger homes in 2020
    Long-distance movers found cheaper and larger homes in 2020
    Federal Reserve Chair Jerome Powell (Getty)
    Traders eye Fed pullback on mortgage bonds
    Traders eye Fed pullback on mortgage bonds
    (iStock)
    Manhattan contracts bloomed to all-time highs in the spring
    Manhattan contracts bloomed to all-time highs in the spring
    arrow_forward_ios

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

    Loading...