Auction.com, an online real estate marketplace, acquired Channel, a real estate technology solutions provider that will support growth at the digital and online real estate giant.
Auction.com, the Irvine and Silicone Valley, California-based company, was just named the leading online auction marketplace in HousingWire's 2015 TECH100 thanks to its positive forecasts for growth from strong investments. The acquisition of Channel exemplifies this award.
Channel software helps accelerate the workflow of real estate investment firms and their asset managers, helping them manage more property liquidations at a faster rate.
By bringing onboard Channel, Auction.com will be able to hasten the expansion of its online presence to begin selling more move-in ready homes by using Channel’s transaction platform, the company said in a statement.
“Channel’s domain expertise and proven experience in developing flexible, robust software that provides a reliable foundation for companies to build great products makes the company a welcome addition to the Auction.com family,” said Auction.com CEO and Co-Founder Jeff Frieden.
“As we work toward growing our residential business, the ability to enrich our existing technology with a platform developed specifically to appeal to consumer buyers, sellers, and their brokers align with our mission – to make transactions easier and more transparent in a trusted online environment,” said Frieden.
Channel will become a wholly-owned subsidiary of Auction.com, with Channel’s staff becoming employees of the company. Channel will keep its current office space in Newport Beach, where Channel Founder and CEO John Nicholas will continue to oversee its operations.