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.”