RE FormsNet, an electronic forms software provider, has acquired Real Estate Business Technologies LLC in a move said to be the next step in transitioning the industry from paper-based to online home-sale transactions.
Real Estate Business Technologies, or REBT, owns the RELAY transaction management software, a key piece to online transactions that require less paper.
“The acquisition of REBT by RE FormsNet will enable us to take advantage of the economies of scale inherent in operating the two companies as one and will further accelerate meaningful synergies as we move forward,” REFN Chairman Robert Bailey said in a statement. “With the company’s large customer base in the electronic forms arena, REFN is now well positioned to translate its standing as an industry leader to the transaction management sphere with RELAY.”
With the addition of REBT, RE FormsNet will have nearly 60 employees, with operations based in Detroit, and development, training and implementation at its Los Angeles headquarters. The merger was effective March 31.
Joel Singer, president of RE FormsNet, said that adding RELAY allows the company to enhance its focus on keeping the Realtor at the center of the transaction.
“Chief Operating Officer Lisa Mihelcich will continue to manage the day-to-day operations of the company as part of her expanded role in the operation, while Josh Sharfman will continue in his key role as RELAY product manager and chief technology officer for the combined company,” Singer said.
Nationwide, there are more than 473,000 users of the desktop and online versions of ZipForm software, according to a company announcement. WINForms is the California-specific version of the software.
REFN is a subsidiary of Real Estate Business Services, and is a joint venture between REBS and the National Association of Realtors.
Real Estate Business Services is a subsidiary of the California Association of Realtors.