Fidelity National Financial, the nation’s largest title insurance company, announced Tuesday that the company is acquiring Commissions, Inc., a provider of web-based real estate marketing and CRM software for residential real estate agents and agent teams, with an eye towards expansion.
According to a release from Fidelity, Commissions, Inc. provides an end-to-end SaaS CRM, lead generation and lead management software platform that is focused on “high-performing” real estate agents.
The services provided by Commissions, Inc. include a consumer website that integrates with local MLS data, a complete CRM platform that allows real estate agents to nurture clients and monitor their business, and access to two mobile apps, all of which is designed to help agents grow their business.
Commissions, Inc. currently has more than 1,500 customers who have collectively closed more than 170,000 residential real estate transactions over the last 12 months, the company said.
But that’s just the tip of the iceberg, according to Fidelity, which also provides technology and transaction services to the real estate and mortgage industries.
"We are excited to partner with CINC to bring value-added technology and services to our Realtor customers," said Fidelity National Financial Chairman William Foley.
“To this point, CINC's strong revenue and customer growth has been largely organic, with minimal sales force efforts needed,” Foley added. “We plan to leverage FNF's title sales force to proactively cross-sell the CINC product suite to our leading customers.”
Duane LeGate, the CEO of Commissions, Inc., stated that the company is very excited about what the relationship with Fidelity National can bring in the future.
“We look at everything from a 360-degree perspective,” LeGate said.
“Joining FNF is a huge win for everyone involved. Our clients get fresher, richer data with more access to actionable home buyers and sellers,” LeGate added.
“Our employees get the capabilities and backing of a Fortune 500 company to help accelerate our growth,” LeGate concluded. “Most importantly, we are perfectly aligned culturally and know that we will be able to continue running the business as we always have, but with vastly increased resources.”
As for the business side of things, Foley said the deal is a positive for Fidelity National’s bottom line as well.
“With CINC's solid existing customer base, innovative product set and our combined plan for continued development of the CINC product suite, we find the opportunity for further significant revenue and EBITDA growth to be compelling,” Foley said.
Terms of the deal are not disclosed.