The acquisition will close this week following an announcement on Monday. With Glide, agents and brokers can complete information digitally.
According to an announcement on Monday, Compass has selected the transaction management platform Glide as its first acquisition after going public. The broker declined to disclose the financial details of the purchase, which is expected to close this week.
“The Glide team created a seamless software solution that has attracted tens of thousands of real estate agents in California, including many Compass brokers who love the service,” said Joseph Sirosh, Compass chief technology officer, in a press release. “Their products have an excellent track record of saving time, reducing risk and simplifying every step of the quotation process – and of course making complex tasks seem effortless for agents and their customers.”
Founded in 2018, Glide enables agents and brokers to complete offer, disclosure and closing documents online. Glide offers a free plan for members of 60 California-based broker and MLS associations, as well as two pro plans for agents and brokers that include additional features like branding and the ability to upload broker-specific custom forms. The Agent Pro plan costs $ 45 per month, while the Broker Pro plan follows a sliding scale.
“Glide was founded to make real estate transactions faster, easier and more trustworthy for every broker and client,” said Sebastian Tonkin, Glide’s C-Founder and CEO, in a prepared statement. “We share Compass’ vision for the future of real estate and look forward to working together to bring cutting-edge technology to the entire industry.”
Greg Hart, chief product officer of Tonkin and Compass, said Glide will continue to serve agents and brokers at all brokers, and that all Glide user data will be stored on separate, dedicated servers. “Glide continues to strive to be a trusted and open platform available to all agents in the industry. We’re excited to invest in Glide, expand Glide to states across the country, and add new features and functionality to all agents, ”said Hart.
In a separate blog post, Tonkin said the company will “hire an independent data protection professional to ensure we continue to adhere to industry-leading data protection best practices.”
In advance of the acquisition, Lone Wolf Technologies sued Glide for alleged “trade secret theft” while the company was a member of the Lone Wolf marketplace. In the lawsuit in the California Supreme Court in Los Angeles County, Lone Wolf said subsidiary ZipLogix “identified hundreds of cases of unauthorized access and use of the software by Glide as of September 1, 2020”.
In a blog post in January, Glide denied any wrongdoing and announced the launch of his partnership with the California Association of Realtors. The companies’ four-month lawsuit ended on April 5 when Judge Ethan P. Schulman dismissed the lawsuit with prejudice, which meant Lone Wolf would not be able to re-file the same lawsuit against Glide.
“With your partnership, we have made significant strides in addressing some of the biggest workflow challenges in the industry,” said the Glide team in a blog post reflecting on the past few months announcing the Compass partnership. “Looking ahead, we couldn’t be more excited to have Compass behind us as we find new ways to simplify agent collaboration and enable faster, easier, and more secure transactions for the entire ecosystem.”
Over the past four years, Compass has made several major acquisitions, including the purchase of Pacific Union International, Paragon Real Estate, Contactually, and Modus. In February Compass bought KVS Title for $ 78.6 million, of which $ 52.2 million was in cash. An additional $ 26.4 million in cash was offered in connection with other specific contingent liabilities.
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