RESAAS Acquires Real Estate Blockchain Company Real-Block Inc.
- On March 5, 2018
RESAAS Services Inc., a cloud-based social business platform for the real estate services industry, is pleased to announce that it has today acquired Real-Block Inc. (“RBI”), a company holding a real estate blockchain application.
Following an extensive due diligence period that began in late 2017, RESAAS and RBI have today executed and closed a definitive share purchase agreement for the acquisition of all of the issued and outstanding shares of RBI. As consideration for the acquisition, RESAAS paid the shareholders of RBI $75,000 in cash, and issued these shareholders 1,102,938 RESAAS shares at a price per share of $0.68. Upon the completion by RBI of a beta test of its technology with at least one real estate association or land registry office within two years, RESAAS will issue the shareholders of RBI an additional $750,000 in RESAAS shares valued using a volume-weighted average price formula. RESAAS will also retain key software developers of RBI.
One aspect of RESAAS’ technology platform is designed to enable large real estate companies to increase the number of referrals they generate within their organization. Its clients include the worldwide RE/MAX network and Keller Williams Global Property Specialists. Referrals are facilitated every day by RESAAS’ technology, presenting new opportunities to the global agents using the network. It also provides business intelligence to the firms involved, helping them make informed decisions about expansion, growth and acquisition.
RESAAS believes that the acquisition of RBI will substantially enhance its referral feature by offering blockchain enabled Smart Contract functionality. RESAAS anticipates that agents will be able to transfer referral fees automatically thereby solving a significant industry problem.
“This is an exciting and strategic acquisition for RESAAS”, said Tom Rossiter, CEO of RESAAS. “Real Estate is considered to be a natural fit for the adoption of blockchain technology. With over 400,000 real estate agents on our platform, we expect to expand the use of Real-Block’s blockchain technology in other applications over time.”