With platform that improves closing, the tech-driven
brokerage will provide unequalled search-to-close experience for
homebuyers and realtors
TORONTO and NEW YORK and MIAMI, Jan. 21,
2022 /CNW/ -- The Real Brokerage Inc. ("Real" or the
"Company") (TSXV: REAX) (NASDAQ: REAX), an international,
technology-powered real estate brokerage, today announced that it
has completed the acquisition of 100% of the issued and outstanding
equity interests of Expetitle, Inc. ("Expetitle") pursuant
to a stock purchase agreement dated January
20, 2022 (the "Transaction"), creating an enhanced
technology-driven experience from search to close for realtors and
their customers.
Expetitle has developed technology that simplifies the
paper-intensive and time-intensive title and eEscrow process,
reducing errors and saving time. Agents can navigate the entire
closing experience in a few clicks using Expetitle's mobile
app.
"We are so excited to be joining Real. Their mission of bringing
more technology to the home-purchase experience aligns perfectly
with our focus on bringing technology to the closing," said
Sean Daly, Expetitle's founder and
CEO. "Together, Real and Expetitle can help the real estate
industry for the benefit of everyone."
"I am excited to welcome Sean and the Expetitle team to the Real
family. Expetitle's innovative approach to title and closing is
synergetic with Real's mission to improve both the agent and
consumer experience in the real estate industry," said Real's
founder and CEO Tamir Poleg.
"Joining forces will allow us to expedite our efforts towards
creating a more convenient, transparent and faster home buying
experience for our agents' clients."
Transaction Details
The aggregate purchase price for 100% of the issued and
outstanding equity interests of Expetitle was for aggregate cash
consideration US$8.232 million, with
US$7.432 million payable in cash at
the closing of the Transaction and US$800,000 subject to escrow, that will be
released after twelve (12) months upon the satisfaction or waiver
of certain terms and conditions.
In connection with the Transaction, Real also granted an
aggregate of 700,000 incentive stock options ("Options") and
an aggregate of 1.1 million restricted share units ("RSUs")
to members of the Expetitle team pursuant to Real's Amended and
Restated Stock Option Plan and Restricted Share Unit Plan. The
Options will vest quarterly over 3 years and are exercisable for a
period of 3 years at $3.60 per share.
The RSUs will vest quarterly over 3 years.
About Expetitle
Founded in January 2019, Expetitle
(www.expetitle.com) was born out of the LAB Ventures startup
studio. Expetitle is a limited liability company incorporated under
the laws of Delaware. It is a
multi-state title company, operating in Florida, Georgia, and Texas, that delivers fully digital and hybrid
closings through one secure collaborative platform that adds
transparency to the entire closing process. Expetitle's mission is
to provide a better, transparent closing experience for buyers,
sellers, and their agents and brokers. Today's consumer is used to
doing everything on their phone in real-time, why should buying a
home be any different?
About Real
Real (www.joinreal.com) is a technology-powered real estate
brokerage operating in 40 U.S. states, the District of Columbia and Canada. Real is building the future, together
with more than 3,700 agents and their clients. Real creates
financial opportunities for agents through better commission
splits, best-in-class technology, revenue sharing and equity
incentives.
Contact Information
For additional information, please contact:
The Real Brokerage Inc.
Caroline Glennon
thunder11@therealbrokerage.com
1+201-564-4221
Investors, for more information, please contact:
Hayden IR
James Carbonara
james@haydenir.com
646-755-7412
Forward-Looking Information
This press release contains forward-looking information
within the meaning of applicable Canadian securities laws.
Forward-looking information is often, but not always, identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "likely" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur
or be achieved and other similar expressions. These statements
reflect management's current beliefs and are based on information
currently available to management as at the date hereof.
Forward-looking information in this press release includes, without
limiting the foregoing, information relating to Real's acquisition
of Expetitle, and the business and strategic plans of Real.
Forward-looking information is based on assumptions that may
prove to be incorrect, including but not limited to Real's business
objectives, expected growth, results of operations, performance,
business projects and opportunities and financial results. Real
considers these assumptions to be reasonable in the circumstances.
However, forward-looking information is subject to known and
unknown risks, uncertainties and other factors that could cause
actual results, performance or achievements to differ materially
from those expressed or implied in the forward-looking information.
These factors should be carefully considered and readers should not
place undue reliance on the forward-looking statements. Although
the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
Real cannot assure readers that actual results will be consistent
with these forward-looking statements. These forward-looking
statements are made as of the date of this press release, and Real
assumes no obligation to update or revise them to reflect new
events or circumstances, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release, and the NASDAQ has neither approved nor disapproved
the contents of this press release.
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content:https://www.prnewswire.com/news-releases/the-real-brokerage-inc-announces-acquisition-of-expetitle-inc-301465717.html
SOURCE The Real Brokerage Inc.