Vector Capital has made an investment in MoxiWorks, a real estate tech platform. No financial terms were disclosed.
SEATTLE, September 12, 2019 – MoxiWorks, the leading real estate technology platform, today announced that Vector Capital, a private equity firm with more than $4 billion under management that specializes in transformational investments in technology businesses, has made a meaningful growth equity investment in the company. Vector Capital, along with existing shareholder-customers Windermere Real Estate, Howard Hanna Real Estate Services, and Long & Foster Real Estate, plan to leverage the MoxiWorks platform to accelerate growth and pursue acquisitions.
MoxiWorks is a comprehensive open platform that serves over 80 of the country’s largest residential real estate brokerages representing over 130,000 agents nationwide and accounting for more than 13% of real estate transactions in the U.S. The company’s SaaS products include its sphere-based CRM, MoxiEngage, leading CMA product, MoxiPresent, a recruiting system, marketing suite, websites, intranet, and the renowned MoxiCloud open platform. MoxiWorks’ products help brokers, agents, and teams increase productivity, lower costs, and better manage the home buying and selling process.
“We are thrilled to be adding Vector Capital, an experienced investor and premier financial partner, to our unique blend of existing shareholders, partners, and clients as we enter this monumental phase of growth,” said York Baur, CEO of MoxiWorks. “We look forward to using this funding to accelerate development in our industry-leading products, scale sales and marketing efforts, and selectively pursue attractive acquisition opportunities that further fuel our innovation and commitment to remain an independent, open platform for the entire market.”
“We have spent considerable time diligencing the real estate technology sector, looking for an enterprise-grade SaaS platform capable of serving the needs of top brokerages,” said Robert Amen, Managing Director of Vector Capital. “After meeting with dozens of companies, we determined that MoxiWorks was best positioned to capture this growing market. The company has distinguished itself through a relentless focus on its customers, resulting in extraordinary client satisfaction and deep, cross-industry relationships. We are honored to partner with York and MoxiWorks’ foundational investors to accelerate technology adoption in real estate.”
OB Jacobi, President of Windermere Real Estate said, “When we spun out MoxiWorks from Windermere over seven years ago, we had a grand vision of advancing the use of technology in real estate, specifically under the idea that a rising tide lifts all boats.
MoxiWorks has already accomplished so much as an independent company, and with Vector Capital as a value-added financial partner, the company is poised for its next chapter of growth.”
When asked about this announcement, Hoby Hanna, President of Howard Hanna Real Estate Services, mentioned, “When we backed MoxiWorks, we knew we wanted to be a long-term partner. We’re ecstatic Vector Capital shares our vision and look forward to watching MoxiWorks out-innovate the competition.”
“I have no doubt that MoxiWorks will maximize the benefit of Vector Capital joining the ownership group and accomplish great things! We’re excited to partner with MoxiWorks and the three other firms to continue to grow and deliver high value technology products to the real estate market,” said Jeff Detwiler, President and CEO of Long & Foster Companies.
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 80 brokerages and 130,000 agents nationwide that account for more than 13% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 50 partners that integrate to create unique brokerage solutions. MoxiWorks also powers the LeadingRE Cloud. Find more information at moxiworks.com.
About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in technology businesses. With more than $4 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit vectorcapital.com.