RE/MAX announced Monday it is acquiring Gadberry Group, an Arkansas-based location intelligence data company with 16 employees. Financial details were not immediately disclosed, but the deal consisted of a combination of cash and stock, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The acquisition is the latest in a string of tech-based acquisitions for the company.
“The acquisition of Gadberry Group is another building block in the RE/MAX quest to become the worldwide leader in real estate technology,” Adam Contos, RE/MAX Holdings CEO, said in a statement. “For our RE/MAX brand, Gadberry Group is highly complementary to both our First app and booj platform, further strengthens our overall technology infrastructure, and bolsters our formidable data and analytic capabilities.
RE/MAX also said that “Gadberry Group further broadens our revenue mix and represents another attractive avenue for growth.”
The firm, which was founded in 2000, provides tech products aimed at solving geospatial challenges — essentially those related to location mapping — through accurate and precise location data, according to the release. RE/MAX was previously a client of Gadberry Group’s and used the firm in the building of its recently launched website and consumer-facing app.
The company will continue to serve non-RE/MAX clients.
Earlier this month, RE/MAX Holdings, the parent company of the RE/MAX and Motto Mortgage franchise brands, announced the acquisition of wemlo, a 20-month-old, Florida-based fintech startup that provides third-party mortgage loan processing services. It was the first major technology investment into the company’s Motto Mortgage brand.
In December 2019, the company bolstered its real estate brokerage-facing tech stack with the acquisition of First, a company that offers a machine learning-powered platform that helps inform agents of the best time to reach out to existing clients in their sphere.