Inside Real Estate embraces 'shared DNA' in acquisition of BoomTown
Inside Real Estate bought competitor BoomTown, creating a combined reach of more than a half million real estate professionals throughout the industry.
Key points:
- Key members of the BoomTown team will remain with the company, including co-founder Grier Allen.
- Users include single agents, mega teams and national enterprise brands.
- Both companies have hundreds of employees.
Fast-growing brokerage technology company Inside Real Estate has acquired Boomtown, a top competitor, leveraging "common DNA" to grow its industry footprint.
Inside Real Estate, known for its flagship brokerage technology platform kvCORE, has more than 400,000 clients, according to a news release sent out Friday. BoomTown's platform serves around 100,000 real estate professionals.
"Our companies share a common DNA that is focused on driving real results for every client, every day," said Joe Skousen, CEO, Inside Real Estate. "Together, we will deliver an unmatched experience for every user from single agents, to top-performing teams and mega teams, to robust national enterprise brands. Our #1 job is being a tech partner to our client — this combination reinforces that commitment."
Skousen will continue to be CEO, leading an executive team of industry veterans from both Inside Real Estate and BoomTown, including Grier Allen of BoomTown as chief strategy officer and Nick Macey as president. The company is headquartered in Salt Lake City, with offices in Charleston, South Carolina and Carlsbad, California.
According to the BoomTown website, the company was founded in 2006 and has more than 350 employees. In 2021, BoomTown acquired Brokermint, its third company acquisition in a three-year period.
According to its LinkedIn page, Inside Real Estate has more than 250 employees and is headquartered in Utah. In October the company acquired AmpStats, a data-driven technology firm.
In a short video about the announcement, Allen said combining the two companies is a perfect fit for their mission of making real estate agents successful.
"By combining these two powerhouse teams, we can better serve the market and our clients," Allen said.
Skousen noted in the announcement that this acquisition will lead to complete and modern back-office solutions, with more details to come.
Both companies said there won't be any immediate changes to its portfolio of products and services.