New York -based real estate company, Compass, has announced
it is acquiring Modus, a title and escrow software startup.
The Seattle-based company brings its 60+ person team and
tech-driven closing process to Compass’s end-to-end platform for real estate.
“Modus is transforming title and escrow from an offline, antiquated undertaking into a transparent tech-enabled solution that saves real estate agents time by simplifying the entire closing process,” said Compass CTO Joseph Sirosh.
“Compass has significantly accelerated our ability to
provide agents with a more complete suite of services with this acquisition.
Not only are we integrating Modus software into our platform – we’re also
gaining an experienced team that comes with a deep understanding of building
for, and driving adoption within, this complex and highly fragmented
industry.”
Modus was founded in 2018 by Alex Day, Jai Sim, and Abbas
Guvenilir with the aim of digitizing the home-closing process by providing a
transparent platform for both agents and their clients.
The transaction is expected to close this month and the
terms of the deal are not being disclosed.
Modus will be the third software focused transaction Compass
has closed in the past 18 months, having acquired CRM platform Contactually and
acquiring the team behind artificial intelligence/machine learning company
Detectica in 2019.
The Compass product and engineering teams are led by Chief
Technology Officer, Joseph Sirosh (former Microsoft CTO of AI) and Chief
Product Officer, Greg Hart (a 23-year veteran of Amazon, the founding leader of
Amazon Alexa, and most recently the leader of Prime Video).
Compass product development teams operate in New York City,
Washington D.C., Hyderabad India and Seattle.
Last month, the company named former Oracle president Charles Phillips to its board of directors.
“For the past two decades Charles Phillips has led
software companies whose primary purpose is to make other businesses more
productive,” said Compass Founder and Executive Chairman, Ori Allon.
“His depth of leadership experience provides Compass with an authoritative
voice as we continue to enhance our platform that helps our agents grow their
businesses by better serving their clients.”
