In a move that could make paperless transactions even more mainstream, residential real estate software firm Lone Wolf announced that it has acquired zipLogix™️, a transaction management platform. ZipLogix, a REALTOR Benefits® Program partner, provides electronic forms and e-signature solutions to the real estate industry.
The National Association of REALTORS®’ (NAR) existing agreement with zipLogix to provide its software products to members will remain in force until its expiration at the end of 2020, when the association could negotiate a new agreement with the company or seek other options to serve its members.
C.A.R. Made the Decision
The California Association of REALTORS®, the founder and majority owner of zipLogix, made the decision to sell the company to Lone Wolf, saying in a statement:
“This acquisition represents a historic move in terms of combining the formidable strengths of two of this industry’s leading technology platforms. Lone Wolf shares C.A.R.’s commitment to preserving REALTOR® interests and, as such, we are extremely pleased and confident that Lone Wolf will continue to expand upon the strong foundation zipLogix™ has built within the REALTOR® community by ensuring its technology platforms provide unparalleled value to all REALTORS®.
NAR—a minority owner—agreed with the decision, says NAR CEO Bob Goldberg. “Lone Wolf has technological expertise and a proven track record, coupled with the access to capital needed to accelerate the development of next-generation software technologies that will ultimately benefit REALTORS®,” Goldberg wrote to the NAR board of directors in a letter Monday.
Lone Wolf currently serves more than 700,000 REALTORS® across the U.S. and Canada under product names like TransactionDesk, Authentisign, and InstanetForms. The company offers a range of technology products designed to serve the real estate brokerage community and simplify the transaction process, including software solutions for back-office operations and transaction management. Vista Equity Partners is the parent company of Lone Wolf Technologies.
ZipLogix products include zipForm Plus and the transaction management system zipTMS. The two companies collectively service more than 1.4 million agents, 20,000 offices, and 1,000 MLSs and associations in the U.S. and Canada.
Benefits of the Sale
The sale price from the acquisition was not disclosed because of confidentiality agreements, but NAR said the proceeds it earned from the sale will go directly into its cash reserves. In a set of FAQs, NAR said none of its executives, members of its leadership team, or staff benefited from the sale, and NAR retains no ownership in the combined company.
“With the proceeds from the sale added to our cash reserves, our strengthened financial position enables us to continue to heighten the benefits and services we provide REALTORS®,” Goldberg wrote in the letter to the board of directors.
NAR launched the Strategic Business, Innovation, and Technology Group last year to seek out opportunities to invest in technology that keeps REALTORS® at the “forefront of business and technology solutions.”
“We believe the financial return on our zipLogix investment, as well as the software it has provided our members to make them more effective and efficient, demonstrates the value of strategic investments in technology,” Goldberg wrote.