Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Ten-X acquisition deal closes

10/10/2017

Download PDF

In case you missed it last week, private equity firm Thomas H. Lee Partners announced the closing of its more than $1 billion majority acquisition of Ten-X. The online platform operates Auction.com as well as other brands, including the Ten-X Wallet app and Card, which let customers pay for goods with leading cryptocurrencies (Bitcoin, Ethereum among them).

With Ten-X Homes and Ten-X Commercial, two recently added legs of the company, homes are sold online via auction format. The company claims over $50 billion in residential and commercial transactions via its platforms. Ten-X Homes was introduced in 2016 at SXSW (South By Southwest) Interactive, a tech event at the popular Austin, Texas festival.

“This is just the ‘official’ closing of the deal we announced previously,” said Rick Sharga, chief marketing officer of Ten-X, in an email to Inman.

The terms of the deal were not disclosed.

Inman reported on the acquisition earlier this year:

Ten-X (previously known as Auction.com) was valued at $1.2 billion by CapitalG (formerly Google Capital) in 2014, when the Google-owned equity fund poured $50 million into Ten-X.

How agents dominate with multichannel content marketing Win listings and overwhelm competition by mastering the art of social media, direct mail and email READ MORE

Since then, Ten-X has grown in the last three years and Thomas H. Lee Partners is reportedly ponying up $1 billion or more for only a controlling interest in Ten-X (not the entire company). Ten-X could easily have been valued at north of $1.5 billion — though Ten-X officials declined to comment on this.

While Thomas H. Lee Partners will gain a majority of seats on Ten-X’s board of directors, the private equity firm won’t be replacing Ten-X’s management team, according to Rick Sharga, chief marketing officer at Ten-X.

Ten-X is “going to continue to run the business as we’ve been running it,” he said.

The online auction format allows users to instantly make an offer on a listing they are interested in. This service also allows sellers to work with their agents to see offers alongside each other as they are made.

Email Britt Chester

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter July 24, 2023

    Mortgage rates continued to press downward last week after the previous week's CPI data pointed to e...

  • Mission Chronicle Newsletter Feb 20, 2023

    Despite the recent downward trend in mortgage rates and hopes that the Fed was nearing the end of it...

  • Mission Chronicle Newsletter Feb 6, 2023

    The Federal Reserve meeting ended as market participants expected, with a quarter-point increase and...

  • Mission Chronicle Newsletter Dec 26, 2022

    Mortgage rates held relatively steady last week as most economic news came in better than expected.C...

  • Mission Chronicle Newsletter Dec 12, 2022

    Rates managed to move slightly downward last week as recession fears grew amid hopes that the Fedis ...

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

March 2024
Mon Tue Wed Thu Fri Sat Sun
 123
45678910
11121314151617
18192021222324
25262728293031

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...