BrokerageIndustry News

Discount broker buys Iggys House assets

Webdigs warns investors it must raise money

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Minneapolis-based discount real estate brokerage Webdigs Inc. has acquired "substantially all the assets" of Iggys House and BuySide Realty, but has warned investors that it must raise additional capital to fund operations beyond October.In a regulatory filing, Webdigs management said the company acquired the rights to Iggys House and BuySide Realty's Web sites, software, and network of customers and real estate professionals for $150,000 in cash and 7.12 million shares of Webdigs common stock. The technology acquired from Iggys House could help Webdigs expand into additional markets, the company said. "With Webdigs, we developed a very sexy search capability with mapping -- we feel it's one of the best out there," Webdigs Chief Executive Officer Robert Buntz told Inman News. "We always intended to build out the back-end -- client management and those kinds of things -- but hadn't gotten around to it. Then the Iggys opportunity came up, and virtually everything...