Real estate marketing software company Elm Street Technology announced it has purchased fellow proptech firm IDX Broker. Terms of the deal were not disclosed, according to the press release.
IDX Broker provides real estate web search and marketing solutions for brokerages.
The acquisition is expected to enhance the suite of digital marketing offerings under Elm Street’s Elevate brand, ranging from social media marketing tools to customer relationship management.
Elm Street Technologies has grown significantly through acquisition. The IDX Broker deal comes on the heels of a strategic investment from Aquiline Capital Partners earlier this year, a private investment firm based in New York and London. This is Elm Street’s only acquisition of 2020, thus far.
IDX Broker was advised in the process by Vaquero Capital.
In the press release, Chad Barczak, chief executive officer of IDX Broker, said that customers have been seeking additional marketing support, primarily a streamlined solution for multiple online solutions.
“We’re thrilled to combine forces, company cultures and our mutual passion to be a part of this vision,” Barczack said about the deal.
Elevate already offered custom and templated website solutions with IDX feeds.
When asked what led to acquisition talks, Bondilyn Jolly, vice president of marketing for Elm Street Technology, said in a phone call with Inman that it was about the unique quality of IDX Broker’s website solutions.
“While we were in partnership with about 75 percent of the multiple listing services across the United States, the acquisition of IDX Broker will blow that open for us,” she said. “Also, they have really outstanding website offering, so part of the acquisition for us was to really expand what we’re doing in terms of our website offerings,” she said.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.