Technology

Ten-X snapped up for over $1B by Thomas H. Lee Partners

Private equity firm will contribute funding and resources to Auction.com operator
  • The planned acquisition underscores the growing investor appetite for real estate tech companies.

Private equity firm Thomas H. Lee Partners is set to lay down in excess of $1 billion for a controlling stake in Auction.com operator Ten-X, Inman has learned. Company officials declined to comment on the terms of the deal, which is expected to close in the third quarter. The planned acquisition underscores the growing investor appetite for real estate tech companies, coming after Redfin went public to the tune of an initial valuation of $1.2 billion before closing on its first day of trading at a market cap north of $1.7 billion. (Redfin's market cap is now around $2.5 billion.) Ten-X's online marketplaces, which include Auction.com, Ten-X Homes and Ten-X Commercial, allow individuals and investors to find, purchase and sell homes in an auction format. In a press release, Ten-X said it "empowers consumers, investors and real estate professionals with unprecedented levels of flexibility, control and simplicity to easily complete real estate transactions entirely online." ...