Tech Bytes: Remine sold to Place for $1.5 million at auction
A quartet of MLSs paid over $50 million for the data and analytics platform in 2021. Place plans to invest in Remine, which will operate independently.
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Remine's journey from startup to ambitious MLS investment to distressed business now moves into its next phase: new ownership.
In a move first reported by Inman, the data and analytics platform was purchased at auction for $1.5 million by Place, which provides back-end support for teams and agents. That's a fraction of the $53.5 million paid in 2021 by four top MLSs — Austin-based Unlock, First MLS in Atlanta, Heartland MLS in Kansas City and Miami Realtors — who put it up for sale via a bankruptcy alternative process in March.
"Remine's products for agents and MLSs are a natural fit for PLACE's vision," Place Co-founder Chris Suarez said in a statement. "This partnership accelerates our mission to deliver everything agents need to run and grow their businesses."
This is the second major acquisition for Place in less than a year. Last September, the company bought Livian, a similar platform that Place said would be integrated into its ecosystem.
Remine, however, will continue to operate as a separate entity, serving 40 markets representing 600,000 real estate professionals. In an email to its MLS customers, Remine CEO Joe Kazzoun wrote, "your members will continue to enjoy the Remine products they rely on, now backed by deeper resources, expanded development capacity, and the momentum of a company built to scale."
First MLS President and CEO Jeremy Crawford said the move "ensures Remine continues to innovate and deliver the tools agents and brokers need to succeed in an ever-evolving market."
Place has been on a growth trajectory, raising $100 million in late 2021, adding consumer services such as mortgage and title, and increasing its number of employees to more than 1,100 with the purchase of Livian. The acquisition of Remine brings nearly 40 more employees into the fold.
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