IRVINE and SILICON VALLEY, Calif., March 3, 2015 /PRNewswire/ -- Auction.com, LLC, the nation's leading online real estate marketplace, today announced its cash and stock acquisition of Channel, LLC, a Newport Beach, Calif.-based real estate technology solutions provider that offers a leading-edge real estate transaction platform with a proven ability to engage residential brokers and consumers.
Integration of Channel's robust transaction platform will allow Auction.com to accelerate the expansion of its online marketplace to begin selling move-in ready homes by combining the best of broker-led deals with the transparency and massive reach of the online auction process.
"Channel's domain expertise and proven experience in developing flexible, robust software that provides a reliable foundation for companies to build great products makes the company a welcome addition to the Auction.com family," said Auction.com CEO and Co-Founder Jeff Frieden. "As we work toward growing our residential business, the ability to enrich our existing technology with a platform developed specifically to appeal to consumer buyers, sellers, and their brokers align with our mission – to make transactions easier and more transparent in a trusted online environment."
Upon the closing of the transaction, Channel will become a wholly-owned subsidiary of Auction.com, with Channel's staff becoming employees of the company. Channel will retain its current office space in Newport Beach, where Channel Founder and CEO John Nicholas will continue to oversee its operations.
"I'm delighted to join forces with Auction.com," said Nicholas. "We share a common vision – making it easier for everyone to buy and sell properties online – and are thrilled to be part of a company that is the undisputed leader in online real estate sales."
About Channel, LLC:
Since 2005, Channel has focused on developing high quality software products and has established a strong reputation in the marketplace. Channel's platform enables real estate investment firms, financial institutions, asset management companies, and other service providers to efficiently manage and liquidate their real estate assets by automating and standardizing the workflow and tasking for all team members within the management and disposition life cycle.
Auction.com, LLC, is the nation's leading online real estate marketplace. Founded in 2007, the company has sold over $29 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, California as well as offices in Austin and Plano, Texas, Atlanta, Denver, New York and Miami. Visit www.auction.com for more information.
SOURCE Auction.com, LLC