Brokerage-owned real estate technology startup MoxiWorks on Tuesday announced the acquisition of Imprev, a real estate marketing automation company, for an undisclosed amount.
“This unique partnership is highly strategic and benefits Imprev and MoxiWorks’ employees, and most importantly, our collective customers,” MoxiWorks CEO York Baur said in a press release. “It is in the truest sense, a win-win for everyone.”
“We are thrilled to welcome each and every member of the Imprev team to MoxiWorks (as Moxians!) and are excited to start 2020 with all engines roaring,” Baur added. “We are looking forward to seeing all that we can accomplish together.”
Imprev provides fully automated marketing platforms that includes digital, social media, and print property marketing. Imprev also offers a listing automation program that provides necessary marketing materials at four key points: when a property is just listed, before an open house, when/if the price is reduced, and when the property is sold.
The company has been MoxiWorks’ open platform partner since 2017, and MoxiWorks said Imprev’s current clients, which includes RE/MAX, Climb Real Estate, and Douglas Elliman, should expect to “enjoy all current services without disruption.”
A MoxiWorks spokesperson explained that users will now be able to access Imprev’s automated marketing tools through MoxiWorks’ CRM, MoxiEngage, and interactive listing presentation platform, MoxiPresent, for “even deeper technical integration” and streamlined experience.
Imprev founder and CEO Renwick Congdon said the acquisition will enable his company to scale quicker, thanks to support from MoxiWorks and Vector Capital, which became MoxiWorks’ fourth investor after a private equity funding round in September 2019.
“Imprev has always put brokers and agents first,” Congdon said in a prepared statement. “Our focus on customers has been the key to Imprev’s success and was an absolute requirement when selecting the team to take Imprev into the future.”
“In MoxiWorks we found the same entrepreneurial and customer centric DNA as Imprev and we look forward to seeing our technology continue to scale with the full support of MoxiWorks and Vector Capital,” Congdon added.
Along with the acquisition, Congdon, through a MoxiWorks spokesperson, announced he will be “transitioning out of the new company and spend more time with his family.” Meanwhile, Imprev president and COO Bill Yaman will become MoxiWorks’ new vice president of Customer Experience.
MoxiWorks’ acquisition of Imprev aligns with the company’s plans to accelerate growth and expand its platform, which includes six proprietary back-end tools and a number of open platform partnerships with companies including Spacio, DocuSign and Quantum Digital.
“We look forward to using this funding to accelerate development in our industry-leading products, scale sales and marketing efforts, and selectively pursue attractive acquisition opportunities that further fuel our innovation and commitment to remain an independent, open platform for the entire market,” Bauer revealed in a previous Inman article about Vector Capital’s investment in the company.
This deal adds 260,000 agents across 10,000 offices to MoxiWorks’ client base, which already includes 130,000 agents in more than 80 brokerages.