The plot thickens!
I just learned via an email that MRI Software, a private equity firm a privately held company, is putting a bid in to buy REcolorado. Here’s the excerpt from the email’s “Official Statement”.
“MRI Software, the parent company of CTM eContracts, has submitted an Indication of Interest (IOI) for the purchase of REColorado.
We decided to take this action after learning of the potential sale of REColorado, when it was reported publicly.
Many of you are already familiar with MRI Software, but for those who are not, here is some background: MRI provides the CTM eContracts to nearly 40,000 subscribers in Colorado. The software was first introduced in 2003. MRI, a U.S.-based leader in real estate technology, has been in business since 1971. You can learn more more about MRI and about our open-and-connected approach to software integrations here.”
MRI Software
You can read the full statement here.
Just to catch everyone up, it was first reported that a single person, Joseph Burks, was buying the MLS organization. Under the name of MAZL, LLC. From my research Joesph Burks is, “one of the largest shareholders in the early creation of CTM eContracts, a widely used contract software for real estate transactions.’ was a large shareholder in CTM eContracts, which was sold to MRI Software in 2019.
Denver Metro Associaiton of REALTORS (DMAR) wrote an “FAQ” on their blog back in June 30th stating,
“MAZL is not a private equity firm, nor is a private equity firm a funding partner in the proposed sale.”
DMAR
Now it appears that a private equity firm has offered to purchase REcolorado MLS. Rob and I went over in detail on our Industry Relations podcast how a private equity firm might approach running an MLS organization.
I also posted a thread on Twitter (X) titled, “So you are a PE firm and wanna get in to the multiple listing services (MLS) game? Here a thread of how I would do it. A thread.“
So far no word from DMAR or SMDAR.
***THIS POST HAS BEEN UPDATED AT 7:57AM 7/25/24. MRI Software is not a private equity firm, but a privately held company. I also clarified information regarding Joesph Burks (previous) ownership stake in CTM eContracts.***
