Last year, Lone Wolf Technologies, a provider of residential real estate software, received an injection of new funding from Vista Equity Partners, a private equity firm and previous investor in Lone Wolf.
At the time, Lone Wolf said that it planned to use that money to grow its business, and now it’s putting some of that money to use.
Lone Wolf announced Monday that it acquired Instanet Solutions, a provider of transaction management, electronic forms, and eSignature solutions for the real estate industry.
The companies claim that the deal will create the “largest real estate brokerage software platform in North America.”
Combining the two companies’ offerings “paves the way for the industry’s first fully integrated end-to-end solution with transaction management, electronic forms, eSignatures, MLS listing upload, back office accounting, and CRM,” the companies said in a release.
Instanet is the provider of TransactionDesk, a transaction management solution made up of several cloud-based products for document and file management, electronic forms, eSignatures, and file review and compliance. According to details provided by the companies, real estate professionals completed 10 million signings through Instanet, while also submitting more than 22 million documents and creating 31 million forms, in just the last year.
“Instanet is an industry leader in transaction management solutions for the residential real estate market. The company has over 500,000 licensed users, as well as a tight integration with some of the largest MLSs in North America,” Patrick Arkeveld, CEO of Lone Wolf Technologies, said.
“The acquisition strengthens our stance in this market by providing our clients with a unique end-to-end solution to drive all of their operations,” Arkeveld added. “A fully integrated transaction management-to-back office accounting solution is exactly what our clients are looking for, as it will radically improve the day-to-day experience of running and working in a real estate brokerage.”
In the release, Lone Wolf said that it plans to invest “millions of dollars” into the combined platforms to “enhance the product suite and further integrate the solutions, providing brokerages with a single system to manage their businesses effectively.”
In a statement, Martin Scrocchi, founder, president and CEO of Instanet Solutions, said that the deal is win-win for all parties involved.
“We are thrilled to join an amazing technology provider who, like us, has a long history of providing best-in-class solutions to the real estate industry,” Scrocchi said.
“This is fantastic news for our customers and the real estate industry at large. Like Instanet, Lone Wolf offers comprehensive, time-saving tools that enable real estate brokerages to take charge of their operations,” Srocchi continued. “Together, we can make our client’s experience even better through the industry’s first transaction management-to-back office accounting solution.”
Financial terms of the deal were not disclosed.