Leading online real estate marketplace Auction.com [1]
[2] has announced a cash and stock acquisition of Newport Beach, California-based real estate technology solutions provider Channel, LLC.
With the integration of Channel's leading-edge real estate transaction platform, Auction.com will be able to expand its online marketplace to include sales of move-in ready homes through the combination of broker-led deals and the transparency and massive reach of the online auction process.
"Channel's domain expertise and proven experience in developing flexible, robust software that provides a reliable foundation for companies to build great products makes the company a welcome addition to the Auction.com family," Auction.com CEO and Co-Founder Jeff Frieden said. "As we work toward growing our residential business, the ability to enrich our existing technology with a platform developed specifically to appeal to consumer buyers, sellers, and their brokers align with our mission – to make transactions easier and more transparent in a trusted online environment."
Channel founder and CEO John Nicholas will continue to oversee the operations of Channel, which will become a wholly-owned subsidiary of Auction.com after the transaction is complete. Channel will remain operating in Newport Beach, and its staff members will become employees of Auction.com, which is headquartered in Irvine, California, about 10 miles to the northeast of Newport Beach.
"I'm delighted to join forces with Auction.com," Nicholas said. "We share a common vision – making it easier for everyone to buy and sell properties online – and are thrilled to be part of a company that is the undisputed leader in online real estate sales."