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LMP to house a majority stake in Inside Real
Posted on Wednesday, 21 August 2019 09:14
Lovell Minnick Partners (LMP) is buying a majority holding in US-based Inside Real Estate for an unannounced sum.
Headquartered in Utah, the target claims to be one of the fastest growing independently-owned real estate software companies.
Established in 2008, Inside Real’s technology allows clients to manage the front-end marketing and sales operations used for home purchases and listings, as well as manage back office functions, including accounting and commission payments.
The group has 175 employees which serve over 200,000 customers, including agents, teams and brokerages.
Inside Real’s platform, kvCORE enables companies to scale up teams, set up multiple listing service websites and provide tools and services for their staff.
Jason Barg, a partner at LMP, said: “This transaction builds on our firm’s history of partnering with management teams and founders of technology-enabled financial and related business service companies.
He added the private equity firm will look to grow Inside Real both organically and through acquisitions, as well as help to build out the target’s technology offerings.
John Cochran, a partner of LMP, noted: “Inside Real is a highly trusted partner for its differentiated and end-to-end SaaS [software as a service] platform that enables residential realtors, teams and agents across North America to compete more effectively and deliver positive results for their clients.”
The US-based acquiror has USD 3.20 billion in assets under management and has invested in more than 50 businesses since its inception in 1999.
Its portfolio includes companies such as Tortoise, AssetMark, TriState Capital and Mercer Advisors.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 2,734 deals targeting software publishers announced worldwide since the beginning of 2019.
Of these, the largest involved Salesforce.com agreeing to buy US-based Tableau Software for USD 15.70 billion.
The deal represents the second-biggest transaction on record for this sector, behind International Business Machines acquiring Red Hat for USD 34.00 billion.
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