The Agency acquires Triplemint for NYC debut
Deal provides LA-based firm with East Coast foothold
The Agency has acquired New York City-based Triplemint in an all-equity transaction.
Under the deal, the Los Angeles-based firm will adopt Triplemint’s proprietary technology, while Triplemint will adopt the Agency’s brand. Going forward, the companies will jointly operate as The Agency.
Triplemint co-founders David Walker and Philip Lang will serve as the chief strategic officer and chief business officer at the Agency, respectively. Triplemint’s staff of over 75 software engineers, data scientists, marketers and strategists, as well as their nearly 250 agents, will join The Agency’s existing in-house creative, public relations and tech specialists and over 1,000 agents.
The purchase price was not disclosed. Walker, Lang and other Triplemint shareholders each received equity stakes in the Agency, and employees will be able to participate in a stock option program.
Speculation of the deal emerged in recent months after The Agency’s CEO and founder Mauricio Umansky had lunch with Walker and Lang in New York City before touring an office space.
Umansky batted down speculation in the winter, months before The Agency posted hints of a New York expansion on social media. Now, it’s announced that the firm will be opening an East Coast corporate headquarters in New York City later this year.
The Agency was on an expansion tear in 2021, launching 11 offices and another six in the first quarter of 2022. To date, the Agency has closed more than $41 billion in real estate transactions since its inception and has more than 50 offices in the U.S., Canada, Mexico, the Caribbean and Europe.
Triplemint has seen a growth spurt of its own in recent years, opening three new offices in the tri-state area last year on the heels of expansions to New Jersey, Westchester County and the Hamptons.
In tandem with the acquisition, the Agency has jointly raised $35 million in growth capital from strategic investors, giving it a valuation of about $350 million.