Compass to acquire Modus
Real estate technology company Compass has signed a definitive agreement to acquire Modus, a title and escrow software start-up.
Once completed, the Seattle-based company will bring its 60+ person team and tech-driven closing process to Compass's end-to-end platform for real estate.
"Modus is transforming title and escrow from an offline, antiquated undertaking into a transparent tech-enabled solution that saves real estate agents time by simplifying the entire closing process," said Joseph Sirosh (pictured), CTO at Compass.
"Compass has significantly accelerated our ability to provide agents with a more complete suite of services with this acquisition. Not only are we integrating Modus software into our platform – we're also gaining an experienced team that comes with a deep understanding of building for, and driving adoption within, this complex and highly fragmented industry."
The undisclosed transaction is expected to close this month and will make Modus the third software focused transaction Compass has closed in the past 18 months, having acquired CRM platform Contactually and as well as the team behind artificial intelligence/machine learning company Detectica in 2019.
"Compass's customer-first approach is right in line with the way we think about our business – since day one we have been focused on empowering agents and their clients by improving all aspects of the home-closing process," said Alex Day, co-founder and CEO of Modus.
"We are incredibly excited to become part of the Compass team at this pivotal time in our industry and look forward to joining in their mission of building the future of real estate for agents and their clients."
Compass’ product and engineering teams are led by chief technology officer, Joseph Sirosh, former Microsoft CTO of AI and chief product officer, Greg Hart, a 23-year veteran of Amazon, the founding leader of Amazon Alexa, and most recently the leader of Prime Video.
During their tenure Compass has accelerated product development by assembling arguably the most highly skilled team in real estate technology while opening tech hubs in New York City, Washington DC, Hyderabad India and Seattle.