Just one week after it announced plans to acquire a Texas-based title company, Compass revealed on Wednesday that it will make another similar purchase, this time of a firm based in Colorado.
The acquisition will see Compass pick up First Alliance Title, which is based in the Denver area. In a statement, Compass described First Alliance Title as “a leading title company” in its area. The deal will also extend Compass’ “growing portfolio of title and escrow businesses that now serves nine states,” the statement added.
Pooneet Kant
“Compass firmly believes that agents are, and will continue to be, central to the real estate transaction,” Pooneet Kant, Compass’ senior vice president of new business, added in the statement. “For agents to be truly great at their jobs they deserve an end-to-end platform that provides them with complete transparency over the entire process. Today as we announce our plans to acquire First Alliance Title, one of the most respected title and escrow companies in Colorado, we are one step closer to realizing our vision of a seamless real estate experience.”
First Alliance Title currently has three locations in Denver. Compass did not reveal financial details of the acquisition, but said in the statement that it expects the deal to close by the end of the year.
News of the First Alliance Title deal comes just eight days after Compass also revealed it was buying LegacyTexas Title Co., which is based in the Dallas area. Both of this month’s acquisitions are also part of a longer-running trend for Compass; in February it bought KVS Title, while last year it acquired Modus, a title and escrow software startup.
As Kant’s comments Wednesday hint, all of Compass’ title acquisitions represent steps in the company’s quest to build an end-to-end platform that handles multiple aspects of a real estate transaction. Such a platform has become a sort of holy grail in the real estate industry, with many firms making efforts to branch out from bread-and-butter services offered by their brokerage arms.
Greg Parham
For their part, members of First Alliance Title are looking forward to being a part of that effort. In Wednesday’s statement, company co-founder and President Greg Parham said “we are incredibly excited to be joining Compass, a partner that shares our passion for providing outstanding service, and investing in the best technology in the business.”
“This partnership not only provides us the opportunity to extend our network and advance the goals of our business,” Parham added, “it enables us to strengthen the unique service and company culture that our customers and staff have grown to love.”