Shared 1 August, 2024
reAlpha Tech Corp. (the “Company”), a real estate technology company developing and commercializing artificial intelligence technologies, today announced the acquisition of 85% of the outstanding membership interests of Hyperfast Title, LLC, a title company licensed to operate in Florida, Virginia and Tennessee, from the owners of Madison Settlement Services, LLC, a national title agency.
This strategic acquisition adds title and settlement services under the reAlpha umbrella of real estate services and enhances the capabilities of Claire, its generative AI-powered, commission-free homebuying platform, powered through reAlpha Realty, LLC. Specifically, Hyperfast will enable reAlpha to provide title services to consumers who utilize Claire to purchase homes.
“We are thrilled to welcome Hyperfast to the reAlpha family,” said Mike Logozzo, President and Chief Operating Officer of reAlpha. “This acquisition underscores our commitment to creating an integrated, easy-to-use full-service homebuying solution powered by our proprietary AI technology and talented professionals. We believe what we are building at reAlpha is truly unique and that this acquisition positions us for meaningful growth.”
Acquiring title services aligns with reAlpha’s goal of vertically integrating the homebuying process, which we anticipate will result in a more seamless customer experience and increased revenue opportunities. reAlpha is partnering with Madison Settlement Services to expand Claire into new geographic markets, leveraging their network of offices serving 33 U.S. states to offer real estate services nationwide.
Hyperfast will continue to operate under its brand by co-founders David Breschi and Kristen Britton while benefiting from reAlpha’s resources and generative AI platform.
“The purchase of Hyperfast Title aligns with our strategy of integrating highly complementary businesses into reAlpha to support our long-term growth,” said Sureet Pabbi, Associate Vice President of M&A at reAlpha. “Title services alone is a $23 billion industry, and we will continue to diligently search for strategic acquisition opportunities and prudently deploy capital into companies we believe can help take reAlpha to the next level.”
David Breschi, Chief Executive Officer of Madison Settlement Services, added: “We believe that Claire marks the natural evolution of real estate transactions into the digital age – taking a process that for decades has been centered upon real estate agents and expensive real estate agent commissions to an online buyer-centered experience powered through AI technology. We’re confident reAlpha is the future of real estate transactions, and we are honored to be part of the team.”
About reAlpha Tech Corp.
reAlpha Tech Corp. is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership.
About Claire
Claire, announced on April 24, 2024, is reAlpha’s generative AI-powered, zero-commission homebuying platform. The tagline: No fees. Just keys.TM – reflects reAlpha’s dedication to eliminating traditional barriers and making homebuying more accessible and transparent.
Claire’s introduction aligns with major shifts in the real estate sector after the National Association of Realtors agreed to settle certain lawsuits upon being found to have violated antitrust laws, resulting in inflated fees paid to buy-side agents. This development is expected to result in the end of the standard six percent sales commission, which equates to approximately $100 billion in realtor fees paid annually. Claire offers a cost-free alternative for homebuyers by utilizing an AI-driven workflow that assists them through the home buying process.
Homebuyers can use Claire’s conversational interface to guide them through every step of their journeys, from property search to closing the deal. By offering support 24/7, Claire is poised to make the homebuying process more efficient, enjoyable and cost-efficient. Claire matches buyers with their dream homes using over 400 data attributes and provides insights into market trends and property values. Additionally, Claire can assist with questions, booking property tours, submitting offers, and negotiations.
Currently, Claire is under limited availability for homebuyers located in Palm Beach, Miami-Dade and Broward counties in South Florida, but reAlpha is actively seeking new MLS and brokerage licenses that will enable expansion into more U.S. states.
About Hyperfast
Hyperfast was originally founded as a subsidiary of Madison Settlement Services, a 30-year-old real estate title company licensed in over 30 states that has served over 80,000 customers.
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