Real estate tech company Compass has signed a definitive agreement to acquire Modus, a title and escrow software startup. The Seattle-based company brings its 60-plus person team and tech-driven closing process to Compass’s end-to-end platform for real estate. The transaction is expected to close this month. Terms were not disclosed.
“Modus is transforming title and escrow from an offline, antiquated undertaking into a transparent tech-enabled solution that saves real estate agents time by simplifying the entire closing process,” said Compass Chief Technology Officer Joseph Sirosh. “Compass has significantly accelerated our ability to provide agents with a more complete suite of services with this acquisition. Not only are we integrating Modus software into our platform, we’re also gaining an experienced team that comes with a deep understanding of building for, and driving adoption within, this complex and highly fragmented industry.”
Modus was founded in 2018 by Alex Day, Jai Sim, and Abbas Guvenilir with the aim of digitizing the home-closing process by providing a transparent platform for both agents and their clients.
“Compass’ customer-first approach is right in line with the way we think about our business – since day one we have been focused on empowering agents and their clients by improving all aspects of the home-closing process,” said Modus Co-Founder and CEO Alex Day. “We are incredibly excited to become part of the Compass team at this pivotal time in our industry, and look forward to joining in their mission of building the future of real estate for agents and their clients.”
Modus will be the third software focused transaction Compass has closed in the past 18 months, having acquired industry-leading CRM platform Contactually and the team behind artificial intelligence/machine learning company Detectica in 2019.
