Lone Wolf Technologies is acquiring zipLogix, an industry-leading real estate software company that has a longstanding partnership with the National Association of Realtors (NAR).
Based in Ontario, Canada, Lone Wolf is itself a real estate software vendor of marketing tools, transaction management software, and document storage/organizing tools. The company is backed by the venture capital firm Vista Equity Partners and says it supports 10,000 real estate offices in the United States and serves clients including RE/MAX and NRT, the brokerage owning-and-operating subsidiary of real estate holdings giant Realogy.
As part of the purchase, Lone Wolf gets to add zipLogix’s transaction management platform to its offered services.
The purchase price has not been disclosed by the company. zipLogix’s zipForm office and accounting platform will be integrated into brokerWOLF for a single management-to-back office solution.
“With more solutions and integrations available, zipLogix’s enormous network of brokerages and agents will soon have the opportunity to leverage an unparalleled end-to-end platform from lead to close,” Jack Blaha, CEO of Lone Wolf Technologies, said in a statement. “By combining our resources, we will be able to accelerate development on both platforms while providing greater choice and integration capabilities to the thousands of brokers and agents served through our MLS, Association, and brokerage clients.”
zipLogix has been the chosen transaction management provider for the National Association of Realtors (NAR) since November 2015, when the NAR board approved a deal to provide all of its 1 million-plus members with zipLogix’s zipForm Plus software at no additional cost to members. That deal has cost the trade group more than $38 million since.
Following the sale, members of NAR will still have free access to zipLogic services until 2020, when the trade group’s contract with the company expires. At that time, NAR “could negotiate a new agreement with the company or seek other options to serve its members,” according to a statement posted by the trade group’s magazine.
zipLogix was founded in 1991 as a joint venture between NAR and California Association of Realtors subsidiary Real Estate Business Services Inc (REBS). zipLogix once told Inman that REBS owns 57.4 percent of zipLogix and NAR owns 30.2 percent, with zipLogix and other Realtor associations owning the rest.
In a letter NAR distributed Monday to its members via email (embedded below), the organization revealed that immediately prior to the sale, CAR had owned “roughly two thirds of” zipLogic while NAR had been a minority stakeholder. Both NAR and CAR concurred with the decision to sell.
NAR CEO Bob Goldberg’s letter on zipLogix sale to Lone Wolf. Credit: NAR
CAR said that it is “extremely pleased and confident” with Lone Wolf’s purchase.
“In a rapidly shifting and highly competitive business environment, it is imperative that we leverage leading technologies and business systems to best serve the interests of our Realtor members,” said Jared Martin, president of the California Association of Realtors, in a prepared statement. “This acquisition represents a historic move in terms of combining the formidable strengths of two of this industry’s leading technology platforms.”
In NAR’s letter Monday, CEO Bob Goldberg said the merging of Lone Wolf and zipLogic “will accelerate the development of next-generation transaction management products.”
Over the last two years, Lone Wolf has gone through a period of growth and change — it acquired end-to-end digital transaction management company Instanet Solutions in 2017. According to Lone Wolf, the latest acquisition will allow the company to service 1.4 million agents, 20,000 offices, and 1,000 MLSs and Associations in the U.S. and Canada.
In January of this year, it named Blaha as its new CEO.