WAV Group would like to congratulate Elm Street Technology for their 5th acquisition this year. In acquiring Outbound Engine, they take the lead in acquisitions and hold the title of the most active private equity backed company in real estate by unit volume of companies acquired this year (Stone Point Capital is the leader by dollar volume).
On stage at CMLS, a speaker talked about the cost of data aggregation in America to be a national company. With data license agreements with MLSs, data storage, and maintenance it works out to be about $5.5 Million. It seems like Elm Street is leveraging their national data access to bring tremendous value to regional companies by giving them the opportunity for national expansion though acquisition. This is a classic roll up model for real estate whereby the data footprint becomes the vehicle for efficiency.
Most of all, Elm Street continues to develop two key assets which are difficult to develop in real estate. They are acquiring talent with impressive domain knowledge. The most significant challenge to technology firm growth is staffing the company with people who understand the intricacies of how real estate works in America. The second key asset is customer acquisition. With the purchase of Outbound Engine, Elm Street picks up another bundle of customers that are eligible for cross sell and up sell opportunities.
There was once a day when Realtor.com had a chance to pick one of the four horsemen of the company as CEO – Prem Luthra, Marty Frame, Errol Samuleson, or Ben Graboske. They picked outsider Lorna Borenstein instead, and this team of rockstars left Realtor.com one at a time to run many of the most impressive companies in the history of real estate – Zillow Group, Black Knight, Realtors Property Resource, Real Estate Digitial, CoreLogic. On this track of acquisitions, Prem Luthra may be the one to rule them all.
For now, Elm Street’s total revenue is private, but they must be inching closer and closer to a public offering as their valuation keeps growing by 10s of millions.
Please see below for the full news release.
ELM STREET TECHNOLOGY ACQUIRES AUSTIN-BASED DIGITAL MARKETING COMPANY OUTBOUNDENGINE
Strategic acquisition strengthens Elm Street’s growing market share in real estate and lending
September 30, 2021 – Dallas, TX – Elm Street Technology, LLC (“Elm Street Technology”), a leading provider of residential real estate technology and marketing solutions, today announced the acquisition of OutboundEngine (“OutboundEngine”), a marketing automation software company based in Austin, Texas. The acquisition of OutboundEngine complements and expands Elm Street’s Elevate platform, which provides an end-to-end suite of real estate technology and marketing services.
“Elm Street Technology and OutboundEngine share a similar vision and culture, which we are confident will make this a powerful combination,” said Prem Luthra, President and CEO of Elm Street Technology. “Both of our companies are striving to create a streamlined, simplified user experience for the real estate community and complementary industries. Joining forces allows us to collectively focus our attention on creating a true ‘one-stop shop’ for all aspects of real estate marketing and productivity.”
Elm Street Technology’s Elevate platform, which aims to maximize real estate professionals’ business efficiency by providing a single vendor and point of contact, is currently used by tens of thousands of real estate agents, teams and brokerages across the United States and Canada. Elevate offers a variety of seamlessly-integrated tools including IDX websites, lead generation services, CRM, email, social, text and blog marketing automation, transaction management, recruiting and retention campaigns and more, all backed by comprehensive customer support and training.
“We are in a time of sweeping digital change and customer-focused product evolution,” stated Marc Pickren, CEO of OutboundEngine. “OutboundEngine’s ability to align with a progressive and forward-thinking company like Elm Street Technology will empower us to evolve our products and services at an aggressive pace that’s never been seen in the real estate sector.”
“Not only does OutboundEngine’s tech stack add an additional layer of opportunity for our current real estate client-base, they also are focused on servicing a larger audience segment such as mortgage and lending,” adds Prem Luthra. “As we expand more aggressively into these markets in 2022, an alliance between our organizations was an obvious choice and we’re thrilled to welcome the entire team into the Elm Street Technology story.”
Early in 2020, Elm Street Technology announced a strategic partnership with Aquiline Capital Partners, a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. This partnership has enabled Elm Street Technology to accelerate its organic growth and to pursue strategic acquisitions. OutboundEngine is the tenth acquisition for Elm Street Technology since the company’s founding in 2016. Past acquisitions have included companies such as VoicePad, FlowROI, IDX Broker, eMerge, AgentJet, Listingbook, RLS2000, Morris Marketing / IXACTContact, and Consolidated Knowledge.
About Elm Street Technology, LLC:
Elm Street Technology offers a growing portfolio of real estate technology and marketing services with the goal of providing one vendor and one point of contact, fully fused into one singular platform – Elevate – to capture and nurture more leads into closed business. Elevate allows busy real estate professionals the ability to streamline and automate their marketing and day-to-day business objectives by offering high-end IDX websites, lead generation tools, a powerful CRM, email, social, text and blog marketing automation, recruiting and retention tools, and more. For more information, please visit tryelevate.com.
Based in Austin, Texas, OutboundEngine is focused on helping businesses grow by making online marketing simple and easy for everyone. The company’s SaaS platform automates email marketing, social media posting, online review collection and more for over 10,000 customers. Founded in 2012, OutboundEngine is ranked No. 95 on the Inc. 5000 and has been consistenly named a top workplace in Austin. For more information, please visit outboundengine.com.
About Aquiline Capital Partners LLC:
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in companies across financial services and technology, business services, and healthcare. The firm had $6.9 billion in assets under management as of June 30, 2021. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit https://www.aquiline.com/.
Elm Street Technology Media Inquiries:
Elm Street Technology
Bondilyn Jolly, VP Marketing
Aquiline Capital Partners Media Inquiries:
Maria Gonzalez / Patrick Lovett / Clare Glynn
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