Auction.com Acquires Real Estate Tech Firm Channel

Posted by Patrick Barnard on March 04, 2015 No Comments
Categories : Residential Mortgage

Online real estate marketplace Auction.com has acquired Channel, a Newport Beach, Calif.-based real estate technology solutions provider, in a cash-stock deal.

Acquisition of Channel's real estate transaction platform will allow Auction.com to broaden its reach to include consumer buyers who are looking for houses that are move-in ready. As such, Auction.com will be able to serve a much wider and more diverse base of home buyers.

By combining the best of broker-led deals with the transparency and massive reach of the online auction process, the company hopes to ‘appeal to consumer buyers, sellers, and their brokers’ alike, says Jeff Frieden, CEO and co-founder of Auction.com, in a release.

He says the addition of the firm's software will help ‘make transactions easier and more transparent in a trusted online environment.’

Upon completion of the deal, Channel will become a wholly owned subsidiary of Auction.com.

Auction.com says it will retain the Channel staff and will retain Channel's current office space in Newport Beach, Calif. In addition, the subsidiary will continue to be run John Nicholas, founder and CEO.

Register here to receive our Latest Headlines email newsletter

Leave a Comment