eXp World Holdings Signs Letter of Intent to Acquire VirBELA
NEW ORLEANS — Oct. 23, 2018 — eXp World Holdings, the holding company for eXp Realty, the largest residential real estate brokerage by geography in North America (NASDAQ: EXPI), today announced at its annual EXPCON conference that it has signed a letter of intent to acquire VirBELA, LLC’s core group of products and services, and bring its team and technology in-house to the eXp World Holdings family of companies. The companies are working toward a definitive agreement, which is subject to the satisfaction of customary closing conditions.
VirBELA offers a modern, cloud-based environment focused on education and team development with clients in various industries from government to retail. VirBELA developed eXp Realty’s current cloud campus called eXp World in 2016, which provides 24/7 access to collaborative tools, training and socialization for the company’s more than 14,000 real estate agents and nearly 300 staff across North America.
eXp World and other virtual environments for business have been a huge part of eXp Realty’s value proposition and key to the company’s rapid geographic expansion. The acquisition will allow eXp Realty to continue to accelerate its business in a sustainable and innovative way.
“Nothing comes close to VirBELA’s virtual world technology and we are excited about the possibilities for eXp Realty and beyond,” said eXp World Holdings CEO, Chairman and Founder Glenn Sanford. “Our excitement is not just for the day-to-day, in-world collaboration that we do at eXp Realty, but for a myriad of opportunities to expand the product offering for agents, teams and others who could benefit from their own, always-available environments for collaboration.
“eXp Realty has pushed the envelope on virtual world collaboration for more than nine years and we believe that being partnered at this level gives eXp Realty and VirBELA synergistic advantages that are unavailable as separate entities. This also will provide a unique opportunity to continue serving and expanding VirBELA’s current customers.”
About eXp World Holdings
eXp World Holdings, Inc., is the holding company for eXp Realty (NASDAQ: EXPI), the largest residential real estate brokerage by geography in North America. As the leading, national, cloud-based real estate brokerage, eXp Realty provides 24/7 access to collaborative tools, training and socialization for real estate brokers and agents through its virtual campus environment. It is one of the fastest growing real estate brokerage firms in North America operating in 50 U.S. states, the District of Columbia and three Canadian provinces. As a publicly traded company, eXp World Holdings, Inc. uniquely offers real estate professionals within its ranks opportunities to earn company stock for production and contributions to overall company growth.
Connect with eXp Realty and eXp World Holdings:
Media Relations Contact:
Vice President of Marketing and Communications, eXp Realty
360.419.5285 ext. 116
Investor Relations Contact:
Managing Director, MZ Group – MZ North America