IDX, the Oregon-based real estate technology firm that manages $2 trillion in multiple listing service (MLS) data, has acquired California-based tech company Agent Marketing in a $6 million deal.
For IDX, the acquisition is intended to turn its MLS platform into a “one-stop shop for all things real estate,” IDX CEO Chad Barczak told Inman News on Tuesday.
IDX will add 17 employees and begin to deploy services such as print signage creation, single-property websites, full-blown marketing packages and mobile marketing to its portfolio of offerings.
“We looked at them because it’s very synergistic on the back-end side,” Barczak said. “They use IDX data and we provide IDX data, so there was a lot of synergies on the back-office side for both companies. On the front end, one of our stated goals for 2018 at IDX is to offer more services to our existing agents, and this allows us to do that.”
Formerly known as eProperty Sites, the 15-year-old Agent Marketing is located in Aliso Viejo, CA. and will retain its name as a subsidiary of IDX.
Agent Marketing will continue to operate out of its Southern California office and expand into Oregon, Barczak told the Register-Guard, the Eugene, Oregon media outlet. With the acquisition, IDX now boasts 72 employees and expects to add 15 more by 2020.
The acquisition marks a first for IDX since 2014, when it acquired Agent Evolution, a WordPress framework and website provider, But Barczak expects a busy 2018, with more acquisitions to come.
“We actually have quite a few things in the works,” Barczak told Inman. “We’re very active with our M&A activity this year in particular. We just spent the last couple years really knocking down doors and hitting the pavement, and we will certainly have more announcements later this year.”
Email Jotham Sederstrom