Elm Street Technology has announced its seventh acquisition as the marketing solutions company continues its tear into the lucrative proptech sector.
The North Carolina-based firm founded by former Realtor.com executive Prem Luthra in 2016, announced it has acquired VoicePad, a company that provides new client acquisition and telecom solutions for real estate brokerages and their agents.
The deal comes a year after Elm Street formed a strategic partnership with New York-based private equity firm Aquiline Capital Partners that set it up to accelerate its growth and expand its portfolio of technology solutions.
The company’s Elevate platform is already used by thousands of real estate agents and brokerages across the United States and its buying spree has swallowed up companies including IDX Broker, eMerge, AgentJet, Listingbook, RLS2000 and Consolidated Knowledge.
“We’re thrilled to welcome VoicePad to the Elm Street Technology team as we look to broaden our platform of integrated real estate technology solutions to help us reach the next stage of our growth,” said Prem Luthra, president and CEO of Elm Street Technology.
“Since its founding in 2016, VoicePad has provided high-level service to a robust portfolio of real estate brokerages, brands and professionals. We look forward to expanding our offerings to our collective audiences.”
“The entire VoicePad team looks forward to this strategic alignment with Elm Street Technology,” stated Randall Standard, Chief Executive Officer of VoicePad. “The opportunity to integrate into a singular, comprehensive tech stack like Elevate will not only help us to better serve our clients, but also continue to position Elm Street Technology as one of the true technology leaders in the real estate sector.”
Still a relatively young industry, proptech has attracted over $43 billion in funding since 2012, according to a report from the Deloitte Center for Financial Services.
And while the coronavirus pandemic has put a major dent in investments this year, it is expected to return with a vengeance as workers go back to the office and demand skyrockets for new technologies to make them feel safe.
Deloitte predicts 2020 proptech funding could register a year-over-year drop of 41.5 percent but envisions a record investment trend this year as startups shift towards pandemic-driven solutions.
“Technology-induced innovation is the ethos of the proptech industry. As workspaces and the lines between ‘live, work and play’ may look and feel much different post-COVID-19, real estate company operations will likely need to evolve to meet new demands,” says the Deloitte report. “This could create new business opportunities for existing proptechs, but some proptechs may need to revamp their business models and reinvent solutions.”
While private equity shops such as Aquiline will continue to focus on established and growing companies, venture capital is searching for potential in startups and companies including Camber Creek, Fifth Wall, JLL Spark and others are already busy pumping money into a range of ventures, including the occupancy data leader, VergeSense which just raised $12 million in Series B funding.