The company declined to disclose the financial terms of the acquisition. The deal closed on January 14.
“Prospects is complementary to our Real Estate Solutions business,” CoreLogic Managing Director Devi Mateti said in a statement.
“Prospects’ software tools are already integrated with CoreLogic’s market-leading products including our Property Insights Platform (Realist),” he added. “This acquisition is a natural next step as we develop industry-leading capabilities that streamline workflow for real estate professionals and further our mission to help people find, buy and protect the homes they love.”
In May 2018, Irvine, California-based CoreLogic became the exclusive distributor of Montreal, Canada-based Prospects’ suite of customer relationship management (CRM) products in the United States.
Prospects also joined the CoreLogic Alliance Network, in which third-party products integrate with CoreLogic products, four years ago. In May 2019, Prospects announced integrations with CoreLogic’s most popular multiple listing service platform, Matrix (now called the Listing Management Platform).
“Through this acquisition we want to further streamline real estate workflow and bring market leading innovations to homebuying technology, improve service and offer more options for our customers,” CoreLogic spokesperson Robin Wachner told Inman via email.
More than 500,000 real estate professionals across more than 300 markets have access to Prospects’ mobile MLS and CRM tools, according to the company. The former keeps agents connected to listings, leads, and contacts on any device while the latter helps agents organize contacts and manage customer relationships, the company said.
“Prospects and CoreLogic already share many customers,” Charles Drouin, Prospects’ former CEO and now a senior product leader at CoreLogic, said in a statement.
“By being part of the CoreLogic family we want to continue to bring market-leading innovations to homebuying technology, improve service and offer more options for our customers,” he added. “We look forward to seeing the joining of these platforms and the positive impact they will have on the industry.”
Prospects no longer exists as a separate company, so the Prospects team will join CoreLogic and integrate into its overall real estate business, according to Wachner. Drouin will continue to drive Prospects’ growth and lead his team with the support of CoreLogic’s management team, Wachner said.
“He will also bring a lot of experience to CoreLogic product team and act as a senior product leader within the real estate division, bringing new innovation to our market leading solutions,” Wachner added.
The deal’s announcement comes shortly after CoreLogic announced that its CEO, Frank Martell, stepped down, six months after CoreLogic itself was acquired by private equity firms Stone Point Capital and Insight Partners in June 2021. Stone Point Capital also partially owns another real estate tech behemoth Lone Wolf Technologies, which has been on an acquisition spree in the past year.
Asked why Stone Point chose to acquire Prospects through CoreLogic and not Lone Wolf, Wachner said, “Prospects is a strong strategic fit for CoreLogic and both companies have worked together closely for the past few years as Alliance partners.”
Editor’s note: This story has been updated with additional comments from CoreLogic.