NEW YORK, Sept. 14, 2021 /PRNewswire/ -- Compass, the real estate technology company, today announced that it has signed a definitive agreement to acquire LegacyTexas Title Co., a leading title insurance company serving Dallas-Fort Worth. The acquisition will significantly strengthen the company's growing portfolio of title and escrow businesses.
"At Compass, when we hear that agents love something, we take notice, and when we look at the Dallas market, it's clear that Compass agents are overwhelmingly choosing to work with LegacyTexas Title," said Compass Founder and CEO Robert Reffkin. "We're thrilled to welcome LegacyTexas Title to Compass, their incredible reputation and their track record of impeccable service makes them an ideal partner for Compass as we grow our adjacent services business throughout all our markets."
LegacyTexas Title is a leading provider of title insurance services for purchase and refinance transactions throughout Dallas-Fort Worth. The company's experienced and dedicated team of title professionals are among the most trusted in the region. The Compass acquisition of LegacyTexas Title will build upon the many existing relationships between Compass agents and this respected provider of title services.
"Compass and LegacyTexas Title approach customer service the same way – we both believe that when you combine a reliable process with exceptional customer service you're able to create a best-in-class experience for your customers," said Laurence Henry, President of LegacyTexas Title. "We're excited to join Compass during this pivotal time in the real estate industry and we look forward to taking our company to the next level."
The transaction is contingent upon regulatory approval and is expected to close before the end of the year. The terms of the deal are not being disclosed. In February of this year Compass announced the acquisition of Washington D.C. area title insurance and settlement services company, KVS Title. In October of 2020 the company acquired the title and escrow software startup, Modus. The addition of LegacyTexas Title will further extend Compass' fast-growing title and escrow services portfolio, which now serves California, Florida, Washington State, Maryland, Virginia, Washington D.C. and Texas.
Founded in 2012, Compass is a leading real estate technology company, providing an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service, brokerage services and other critical functionality, all custom-built for the real estate industry. Compass agents utilize the platform to grow their business, save time and manage their business more effectively. For more information on how Compass empowers real estate agents, one of the largest groups of small business owners in the country, please visit www.Compass.com.
Statements contained in this press release that refer to future events or other non-historical facts are forward-looking statements that reflect Compass' current perspective on existing trends and information as of the date of this release. Statements containing words such as "could," "believe," "expect," "intend," "will," or similar expressions constitute forward-looking statements. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from Compass' current expectations depending upon a number of factors affecting Compass' business, including, but not limited to, expansion into new markets, prevailing market conditions, the impact of general economic, industry or political conditions in the United States or internationally, and risks related to the impact of the COVID-19 pandemic. The foregoing list of risks and uncertainties is illustrative, but is not exhaustive. For information about other potential factors that could affect Compass' business and financial results, please review the "Risk Factors" described in Compass' Form 10-Q for the quarter ended June 30, 2021 filed with the Securities and Exchange Commission (the "SEC") on August 10, 2021, and Compass' other filings with the SEC. Except as may be required by law, Compass undertakes no obligation, and does not intend, to update these forward-looking statements after the date of this release.