Place to Acquire Remine in $1.5M Auction Deal

Place, a technology company in the residential real estate sector, has agreed to acquire its competitor Remine for $1.5 million in cash at an auction. This transaction is part of a broader trend of consolidation in an extended depressed market. Backed by a $100 million investment from Goldman Sachs at a valuation of $1 billion in 2021, Place aims to integrate Remine’s offerings such as lead generation, digital marketing, and document-management software into its existing solutions. The acquisition is expected to close within two weeks, according to Inman News. Place's co-founder, Chris Suarez, highlighted that the acquisition aligns with their vision to support real estate agents and MLSes more effectively. This strategic move will enhance Remine’s service offerings and provide them with expanded resources and development capabilities under Place’s management. The deal signifies continuing merger trends within the U.S. real estate industry, which has been witnessing sluggish transaction volumes over the past three years.