NEW YORK, Oct. 5, 2020 /PRNewswire/ -- Compass, the real estate technology company, today announced that it has signed a definitive agreement to acquire Modus, a title and escrow software startup. The Seattle-based company brings its 60+ person team and tech-driven closing process to Compass's end-to-end platform for real estate.
"Modus is transforming title and escrow from an offline, antiquated undertaking into a transparent tech-enabled solution that saves real estate agents time by simplifying the entire closing process," said Compass CTO Joseph Sirosh. "Compass has significantly accelerated our ability to provide agents with a more complete suite of services with this acquisition. Not only are we integrating Modus software into our platform – we're also gaining an experienced team that comes with a deep understanding of building for, and driving adoption within, this complex and highly fragmented industry."
Modus was founded in 2018 by Alex Day, Jai Sim, and Abbas Guvenilir with the aim of digitizing the home-closing process by providing a transparent platform for both agents and their clients. The Seattle-based startup is home to 60+ product, engineering and operations employees who blend a deep appreciation of the complexities of the real estate industry with the ability to create exceptional software-driven user experiences.
"Compass's customer-first approach is right in line with the way we think about our business – since day one we have been focused on empowering agents and their clients by improving all aspects of the home-closing process," said Modus Co-Founder and CEO, Alex Day. "We are incredibly excited to become part of the Compass team at this pivotal time in our industry, and look forward to joining in their mission of building the future of real estate for agents and their clients."
The transaction is expected to close this month and the terms of the deal are not being disclosed. Modus will be the third software focused transaction Compass has closed in the past 18 months, having acquired industry-leading CRM platform Contactually and acquiring the team behind artificial intelligence/machine learning company Detectica in 2019. The Compass product and engineering teams are led by Chief Technology Officer, Joseph Sirosh (former Microsoft CTO of AI) and Chief Product Officer, Greg Hart (a 23-year veteran of Amazon, the founding leader of Amazon Alexa, and most recently the leader of Prime Video). During their tenure Compass has accelerated product development by assembling arguably the most highly-skilled team in real estate technology while opening tech hubs in New York City, Washington D.C., Hyderabad India and Seattle.
Compass is a leading national real estate technology company, providing tools and services to help real estate agents grow their businesses and better serve their clients. As one of the largest groups of small business owners in the country, real estate agents utilize the end-to-end Compass platform to improve their productivity and help them manage their business more effectively. Compass currently powers over 18,000 real estate agents across 165+ U.S. cities, who were responsible for over $100 billion in real estate transactions in the past year. For more information on how Compass powers one of the largest groups of business owners in the country, please visit www.Compass.com.