It is always welcome news whenever fresh capital comes into the real estate industry. It’s the fuel for innovation. Lone Wolf joins the list of private companies like DocuSign and others that are getting the support from investment capital. WAV Group partners Marilyn Wilson and Victor Lund had a phone interview with Lone Wolf CEO, Lorne Wallace to talk about the strategy of bringing on an investor.
“We are in an unusual time in our company’s growth,” says Wallace. Through growing core products like Broker Wolf and strategic acquisitions, Lone Wolf has grown revenue to over $25 Million in sales. “Having a minority partner like Vista Equity Partners brings two important capabilities to the company: the capital for future acquisitions; and, the consulting expertise Vista has developed in growing other enterprise software companies” Lone Wolf in entering a new phase of company growth that has expectations for doubling the size of the company at a fast but well managed rate.
Vista was selected from a pool of investors that have been in pursuit of investments in real estate technology. Wallace focused on finding a partner that would ask the right questions that would lead to the success of all of their product lines. Vista has deep experience on measuring customer support, churn, and compensation levels.
Recently, Lone Wolf purchased Millennium, an MLS software developer with 11,000 seats across 30 small boards. “The MLS software completes our horizontal technology footprint,” says Wallace. With this new product, Lone Wolf supports the delivery of solutions to every vertical in real estate – MLS, Association, Franchise, Broker, and agent.
Lone Wolf is highly focused on connecting all of the systems that operate the real estate industry – MLS to Franchise to Broker to Agent. Last year, they hired Rob Overman as their CTO to pursue this mission. Now, with Vista Equity partners, Lone Wolf will be able to approach acquisitions of firms with between $5 million and $20 million in revenue.