Compass, a New York-based real estate technology company that went public in April of this year, announced acquisitions of two reputable title companies. They picked up Denver-based First Alliance Title and CommonGround Abstract, based in Pennsylvania and New Jersey. The company, which raised $450 million during its IPO and is valued at $6.9 billion today, will now provide closing services in nine states including California, Colorado, Florida, Washington State, Maryland, Virginia, Washington D.C. and Texas.
According to a statement, both deals are expected to close by the end of the year. Details of either deal have not been disclosed.
PitchBook data reveals that Compass’s prior acquisitions began as early as 2014 as the company picked up real estate search and brokerage firms as well as property management software companies in Washington D.C., San Francisco and upstate New York.
The news follows the end of Compass’ 180-day lock-up period. As of today, roughly 200 million shares are now open for public trading. The company has a $5.2 billion market cap.
Compass was launched in 2012 by Robert Reffkin who held roles at Goldman Sachs, McKinsey & Company and Lazard.