The Real Brokerage (TSE: REAX), a technology-focused global real estate brokerage, announced Friday that it has completed the acquisition of 100% of the issued shares and outstanding interests of Expetitle, pursuant to a stock purchase agreement dated January 20, 2022.
The aggregate purchase price was for an aggregate cash consideration of $8.232 million, of which $7.432 million was payable in cash upon closing of the transaction and $800,000 in escrow, which will be released after 12 months of meeting certain terms and conditions.
Improving Real Estate Closing
The deal creates an enhanced search technology experience for real estate agents and their clients.
Expetitle has developed technology that simplifies the tedious process of title and eEscrow, reducing errors and saving time. Agents can navigate the entire closing experience with just a few clicks using Expetitle’s mobile app.
CEO Commentary
Real founder and CEO Tamir Poleg said, “I am excited to welcome Sean and the Expetitle team to the Real family. Expetitle’s innovative approach to title and closing is synergetic with Real’s mission to improve both the agent and consumer experience in the real estate industry. Joining forces will allow us to expedite our efforts towards creating a more convenient, transparent and faster home buying experience for our agents’ clients.”
Wall Street’s Take
Last month, Roth Capital analyst Darren Aftahi kept a Buy rating on REAX and set a price target of $4.10 (C$5.14). This implies 55.1% upside potential.
As Aftahi is the only analyst to have offered a stock rating for REAX in the last three months, the average Real Brokerage price target is C$5.14.
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