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Real estate tech and agent services company Place is acquiring real estate software firm Remine for $1.5 million, all in cash — less than 3 percent of what four multiple listing services paid to buy the company 3.5 years ago.
The deal is expected to close in about 14 days, Place co-founder Ben Kinney told Inman exclusively Thursday.
Ben Kinney
“The real cost is the money we are going to invest back into it after closing,” Kinney said.
While the company’s sale could have resulted in its dissolution, Kinney said Remine will remain an active, independent business.
“Place intends to keep Remine operating as an independent business, under Place ownership,” Kinney said.
“This includes Remine’s staff,” he added. “Our goal is to make significant investments in Remine’s products and expand its offerings to better serve MLSs, brokerages and agents. Remine will remain active, growing its capabilities while leveraging Place’s resources and infrastructure.”
Remine sold at auction Wednesday morning and there were “multiple bidders,” though Kinney said he was unaware of who the other bidders were at this time.
The company had about 60 employees when it was acquired in 2021. It now has 37 employees, according to Kinney.
Place was founded at the end of 2019 by Kinney and Chris Suarez and launched publicly in early 2020. In 2021, the company completed a Series A funding round that raised $100 million in a deal led by Goldman Sachs. At that time, the company hit “unicorn status,” or a valuation of at least $1 billion. It now has more than 1,100 employees.
“We’re thrilled that Remine is joining Place,” Remine CEO Joe Kazzoun said in a statement.
“This milestone marks a new chapter as we join forces with a well-funded, SaaS-driven company that shares our core mission: putting agents first.”
Place, a tech platform that Kinney emphatically states is not a brokerage and “never will be,” acquired team servicing platform Livian seven months ago.
“This [Remine] acquisition allows Place to expand its comprehensive technology suite — traditionally focused on agents and teams — into the brokerage and MLS space,” Kinney said.
“We’re excited to invest in Remine’s existing tools and explore new innovations that elevate the value delivered to MLSs and their members.”
According to Place, Remine’s current customers “will continue to receive the same level of service and support from the Remine team” and the two companies will use their shared technology, data and vision “to redefine how agents operate — delivering more value to clients and shaping the future of real estate.”
Joe Kazzoun
In an email on Thursday, Kazzoun told Remine’s 40-plus MLS customers, which represent more than 600,000 agents and brokers nationwide, that the sale to Place means “Remine is leveling up.”
“Your members will continue to enjoy the Remine products they rely on, now backed by deeper resources, expanded development capacity, and the momentum of a company built to scale,” Kazzoun said. “Together, we’re accelerating product innovation, improving support, and delivering more value to agents and MLS partners alike.”
Kazzoun added that he was “proud to join forces” with Kinney and Suarez. “Their visionary leadership, people-first values, and love for the industry are the perfect complements to Remine’s culture and future,” Kazzoun said.
Founded in 2015, Remine had a checkered history of financial troubles, plunging personnel rolls, questions over its use of MLS data and a toxic work environment. However, in October 2021 the company was purchased by four multiple listing services — Austin Board of Realtors’ Unlock MLS, First MLS, Miami Realtors’ MLS and Heartland MLS — for $53.5 million under a joint venture called MLS Technology Holdings (MLSTH).
Last month, MLSTH initiated a voluntary bankruptcy alternative in court in order to allow the company to put Remine’s assets up for sale.
Jeremy Crawford
Inman reached out to Emily Chenevert, CEO of ABoR and Unlock MLS; Jeremy Crawford, CEO of First MLS; Teresa King Kinney, CEO of Miami Realtors’ MLS; and Kipp Cooper, CEO of Heartland MLS, for comment. All are members of the MLSTH board. They did not respond to requests for comment.
In a statement included in Place’s announcement, Crawford said he was “incredibly excited” about Remine’s future under Place.
“Ben and the Place team have a proven track record in real estate tech,” Crawford said.
“This move ensures Remine continues to innovate and deliver the tools agents and brokers need to succeed in an ever-evolving market.”
Email Andrea V. Brambila.
