Sector Update: 2024
Real Estate Technology
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Mergers &
Acquisitions
• Sell-side Advisory
• Buy-side Advisory
• Recapitalizations
• Mergers & Joint Ventures
Financial
Advisory
• Transaction Advisory
•
Interim Management
• Performance Improvement
• Valuation Advisory
• Litigation Support
Capital
Advisory
• Equity Advisory
• Debt Advisory
•
Infrastructure Finance
Special Situations &
Restructuring
• Special Situations
• Turnaround
• Restructuring
• Bankruptcy
•
Insolvency
Capstone Provides Expert Advice to the Middle Market
2
A Different Kind Of Firm. Built For The Middle Market.
SUPERIOR CLIENT
RESULTS
FULL SERVICE
CAPABILITIES
MIDDLE MARKET
FOCUS
TOP RANKED
PERFORMANCE
ESTABLISHED
BRAND REPUTATION
We were founded to serve the
needs of entrepreneurs, sponsors
and family-owned businesses in
the middle market.
We consistently rank in the top 3
of firms in the U.S. for deals under
$250M and the top 10 firms
globally for deals under $500M.
The Capstone brand is well
established across the strategic
acquiror and financial sponsor
communities with more than 600
deals completed.
We can deliver a full suite of
corporate finance solutions
entirely in-house, supported by 4
complementary and fully
integrated services teams.
We have earned a 95%+
performance rating from our
clients, driven by an aggregate
valuation premium of 30%+ on
our clients’ transactions.
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Capstone Partners is an Active and Trusted Strategic Advisor
3
8
U.S. Offices
(HQ: Denver & Boston)
$4BN+
Aggregate Transaction
Value in 2024
2,200+
Historical Completed
Transactions
6th
Globally Ranked for
Deals Under $500MM
~200
Investment Banking
Professionals
acquired Morgan
Stanley’s MM
M&A group
merged Sagepoint
Advisors, a technology-
focused M&A boutique
merged EQV Capital to
add a dedicated presence
in the Southeast US
launched a
Debt Capital Advisory
Services Group
added an Equity Capital
Advisory Services Group
added a
Specialty Situations
Advisory Group
merger with
Huntington Bancshares
2002
2016
2015
2014
2013
2012
2011
2017
2018
2019
2021
2020
added
Northeast
Restructuring
practice of
ACM Capital
expanded internationally
with Grenport Ltd,
London, UK
secured a 34 country
global alliance as
US member firm
acquired Headwaters
to solidify middle
market leadership
position
founded via
Andersen
MBO
merged BTA to provide
ESOP advisory services
added
Performance
Improvement
Practice
2022
History of Entrepreneurial Growth
40
M&A Transactions in
2024
14
Dedicated Industry
Verticals Covered
2023
2024
Added Buy-side
Advisory
acquired Amherst
Partners to expand
restructuring
services

mailto:dfrancione@capstonepartners.com?subject=FinTech%20&%20Payments


mailto:twoodson@capstonepartners.com?subject=Real%20Estate%20Technology%20Market%20Update


mailto:chastings@capstonepartners.com?subject=Equity%20Capital%20Markets


mailto:kbrown@capstonepartners.com?subject=Debt%20Advisory

REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Experienced Real Estate Technology & FinTech Senior Leadership
4
Dave Francione
Managing Director
Head of Fintech & Payments
617-458-9254
dfrancione@capstonepartners.com
Taylor Woodson
Managing Director
Real Estate & Mortgage Tech
212-470-6717
twoodson@capstonepartners.com
Chris Hastings
Managing Director
Head of Equity Capital Markets
917-399-3528
chastings@capstonepartners.com
Kent Brown
Managing Director
Head of Debt Advisory
303-951-7127
kbrown@capstonepartners.com
Education
Prior Experience
• University of North Carolina at
Chapel Hill | BS – Business
Administration
Education
Prior Experience
• University of Connecticut |
MBA – Finance
• Central Connecticut State
University | BS – Finance
Education
Prior Experience
• University of Pennsylvania
Wharton School of Business |
MBA
• Pennsylvania State University |
BS – Finance
Education
Prior Experience
• University of Chicago – MBA –
Finance
• University of Colorado at
Boulder – BS – Finance
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Representative Companies
Representative Companies
Representative Companies
Deep Coverage of the Real Estate Technology Sector
Online sites that connect buyers with sellers, lessors with tenants,
and generate leads for brokers, lenders, and vendors, e.g.
Software and other digital tools used by brokerage firms and agents
to increase accessibility, productivity, and profitability, e.g.
Software used to manage the development process and construction
of residential and commercial real estate, e.g.
Software to manage property portfolios, facility operations, and
tenant relationships and leasing, e.g.
Technology to digitize lending and settlement processes, and
providers of alternative financing and sales models, e.g.
Data and information services used to inform real estate decisions
and deliver insights, e.g.
5
Representative Companies
• Residential for-sale
listings
• Residential rental listings
• Commercial real estate
property listings
• Marketplace & Auction
platforms
• MLS Listings & Data
• Bank-owned and
foreclosure property
listings
• Home Services & Vendor
Networks
•
IDX Websites
• Lead generation &
marketing
• CRM Software
• CMA Tools
• Virtual Tours & Showings
• Transaction Forms
• eSignature & Document
Management Software
• Accounting & Other
Back-Office Management
Software
• Point-of-sale software
(POS)
• Product Pricing &
Eligibility Engines
• Mortgage Servicing &
Default Tech
• Loan Trading Software
• Verification of Income,
Employment, Assets,
Identity
• Power & iBuying
• Loan-origination Systems
(LOS)
• Appraisal & Valuation
Models
• Design & Planning Tools
• Project Management
Software
• Budgeting and Financial
Management
• Vendor & Bid
Management
• Field Management
Software
• Safety & Risk
• Mapping
• Modeling & Visuals
Software
• Financing & Payments
• Leasing & Marketing
• Tenant Screening
• Digital Leasing Tools
• Lease Accounting
Software
• Resident & Tenant
Services
• Accounting Software
• Asset & Energy
Management
• Workplace & Space
Mgmt. Software
•
Investment & Portfolio
Management
• Property & Structure
Characteristics
• Ownership history
• Parcels & Boundaries
• Valuation Data & Indices
• Neighborhood & Points of
Interest
• Site Selection
• Market Trends,
Information Services
• Hazard & Climate Risks
• Sale & Lease Comps
• Mortgage, Loan, and
Securitization
Representative Companies
Representative Companies
Mortgage Technology & Alternative Financing
Real Estate Brokerage & Agent Tools
Online Listings & Marketplaces
Construction & Development Software
Property & Facilities Management Software
Real Estate Data & Analytics
Section I
Section II
Section III
Appendix
Real Estate Market Update
M&A and Financing Activity
Public Equity Markets
Real Estate Technology
Sector Update: 2024
Real Estate Market Update.
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Economic Market Indicators
Real Quarterly GDP Growth
10YR - 2YR Treasury Spread
Economic Conditions Indices
Unemployment Rate
Inflation Benchmarks, Month-over-Month
Personal Savings and Consumer Credit
U.S. gross domestic product grew by a robust annualized rate of 2.3% in Q4 2024,
decelerating over Q3. For the full year, GDP rose 2.5%, surpassing even the most
optimistic forecasts from late 2023.
The yield curve flipped from inverted levels in late summer of 2024 following 26th
straight months of inversion. The 10-2 Treasury Yield Spread is at 0.25% in early
February 2025, still much lower than the long-term average of 0.86%, but normalizing
The unemployment rate (U-3) edged down to 4.0% in January, while the labor force
participation rate (62.6%) and employment-population ratio (60.1) were unchanged.
The U.S. labor market remains at full employment levels.
The consumer price index in the United States rose 0.5% in January, running hotter
than expected and lifting the 12-month CPI rate to 3.0%. The producer price index
data also overshot estimates, but key components (eg health care services) offered
good news for the Federal Reserve's primary inflation rate.
U.S. consumer confidence has been moving sideways in a relatively stable, narrow
range since 2022, and January ’25 was no exception. The Index weakened for a
second straight month, but remained in that range.
The Household Saving Rate fell for the second straight month to 3.8% in December,
well below the long-term (1959-2024) average of 8.5%. Total consumer credit in the
US rose by $40 billion in Dec 2024, bringing the total increase during 2024 to $120
billion since the start of the year.
8
2.3%
3.1%
3.0%
1.6%
3.2%
4.4%
2.4%
2.8%
Q4 '24
Q3 '24
Q2 '24
Q1 '24
Q4 '23
Q3 '23
Q2 '23
Q1 '23
24.9
(150)
(100)
(50)
-
50
100
150
200
250
300
350
'04'05'06'07'08'09'10'11'12'13'14'15'16'17'18'19'20'21'22'23'24'25
Basis Points
104.1
134.3
83.9
0
20
40
60
80
100
120
140
160
180
200
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
Consumer Confidence
Present Situation
Expectations
7.5%
4.0%
0%
5%
10%
15%
20%
25%
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
U-6
U-3
0.47%
0.40%
0.3%
-1.3%
-0.8%
-0.3%
0.3%
0.8%
1.3%
1.8%
Jan '20
Jan '21
Jan '22
Jan '23
Jan '24
Jan '25
CPI, SA
PPI, SA
PCE, SA
0%
5%
10%
15%
20%
25%
30%
35%
-$85
-$65
-$45
-$25
-$5
$15
$35
$55
Jan-20
Jan-21
Jan-22
Jan-23
Jan-24
Jan-25
% of Disposable Income
$ Billions
Change in Consumer Debt
Personal Savings
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Commercial Real Estate Market Indicators
Commercial Real Estate Valuation Change
CRE Transaction Volume
CRE Vacancy Rates
Capitalization Rates
CRE Loan Delinquency Rate
CRE Effective Rent Growth
commercial real estate values, outside of office assets, were relatively flat in 2024.
Office valuations continue their decline and undergo repricing because of changing
in-office work requirements.
After dropping ~50% year over year in 2023, CRE transaction volumes have stabilized
in 2024 and are beginning to trend higher heading into 2025
Cap rates have increased for most property types, but variations occur by asset type,
with office assets seeing the most significant repricing. Investors have been cautious
with heightened uncertainty about interest rates and tighter credit conditions.
After years of stability following the GFC, delinquency rates on CRE loans spiked
because of the Pandemic. Delinquency rates since Q4 2020 have eased back down
but are now on the rise.
Vacancies rose sharply at the outset of the Pandemic in the Office market and
continue to steadily worsen as long-term leases continue to roll off. Multifamily
vacancies have crept higher after sitting at historic lows for multiple years.
Multifamily effective-rent growth fell dramatically in 2023 after rising sharply for two
consecutive years. Office and Retail rent growth was modest/flat during the period.
9
$421B
$304B
$580B
$526B
$235B
$270B
$0B
$100B
$200B
$300B
$400B
$500B
$600B
$700B
2019
2020
2021
2022
2023
2024
5.6%
6.6%
13.3%
-0.9%
-5.5%
-0.3%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2019
2020
2021
2022
2023
2024
Office
Multifamily
Retail
Industrial
Total
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
2024
2022
2020
2018
2016
2014
2012
2010
2008
2006
2004
2002
2000
Office
Multi-Family
Retail
Industrial
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
1.6%
Q1
'19
Q2
'19
Q3
'19
Q4
'19
Q1
'20
Q2
'20
Q3
'20
Q4
'20
Q1
'21
Q2
'21
Q3
'21
Q4
'21
Q1
'22
Q2
'22
Q3
'22
Q4
'22
Q1
'23
Q2
'23
Q3
'23
Q4
'23
Q1
'24
Q1
'24
18%
5%
10%
19%
5%
10%
20%
6%
10%
20%
6%
10%
0%
5%
10%
15%
20%
25%
Office
Multifamily
Retail
2021
2022
2023
2024
-1%
13%
0%
2%
10%
0%
0%
-1%
1%
0%
1%
1%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Office
Multifamily
Retail
2021
2022
2023
2024
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Residential Real Estate Market Indicators
Home Sales, Millions of Units (SAAR)
Supply of Single-Family Homes for Sale
Newly Listed Homes For Sale
Change in Median Sale Price, Year over Year
New Construction, SAAR
Builders' Confidence Index (NAHB/Wells Fargo HMI)
Sales of previously owned homes declined in Dec ‘24 to a 4.24MM seasonally-
adjusted annualized rate, remaining near a decade low. New-home sales rose during
the month to a 698K SAAR.
Home-sales data showed a 3.1-month housing supply level as of December 2024,
which is healthier than the record low of 1.6 months reached in January 2022 and
approaching balance typically seen at a level of 5-6 months.
The average prices of single-family houses increased by 6.1% in December 2024,
demonstrating robust growth despite high mortgage-rates, largely owing to limited
supply of homes for sale.
In Dec ‘24, permits for new construction in the U.S. were at a seasonally adjusted
annual rate of 1,483,000, down 3.1% YoY. Housing starts in December were 1.5MM , a
4.4% decrease from Dec ’23. Housing completions were at a SAAR of 1.54MM, nearly
1% off from Dec ’23 levels.
New listings during 2024 are outpaced levels seen throughout 2023 but remain well
below historical levels as elevated mortgage rates continue to keep sellers who have
“locked-in” lower rates on the sidelines.
Builder confidence in the market for newly built single-family homes was 47 in
January, up one point from December. Sales expectations in the next six months fell
six points to 60 in part due to the elevated interest rate environment.
10
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
Millions of Units
Existing Homes
New Homes
3.1
0.0
1.0
2.0
3.0
4.0
5.0
6.0
Jan
'15
Jan
'16
Jan
'17
Jan
'18
Jan
'19
Jan
'20
Jan
'21
Jan
'22
Jan
'23
Jan
'24
Months of Supply
200
250
300
350
400
450
500
550
600
650
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Thousands of Listings
2019
2020
2021
2022
2023
2024
6.1%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Jan '20Jul '20Jan '21Jul '21Jan '22Jul '22Jan '23Jul '23Jan '24Jul '24
0.0
0.5
1.0
1.5
2.0
Jun '19
Jun '20
Jun '21
Jun '22
Jun '23
Jun '24
Millions of Units
Permits
Starts
Completions
47
0
10
20
30
40
50
60
70
80
90
100
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Mortgage Market Indicators
Household Debt Outstanding, Mortgage & HELOC
Mortgage Application Index
Mortgage Originations, 1-4 Family
Mortgage Interest Rates
NAR Housing Affordability Index
Mortgage Delinquency
Consumer mortgage balances grew $101BN in Q3 2024, the most recent period
available, to $13.3 trillion.
The Mortgage Bankers Association Mortgage Application Index remains near
historically low levels as demand for mortgages remains weak. According to the FHFA,
70%+ of U.S. mortgage borrowers have an interest rate below 5.0%, leading to weaker
mortgage demand at current interest-rate levels, particularly for refinanings.
In a surprising twist, mortgage rates have risen since the Federal Reserve began
cutting the Fed Funds Rate in mid-September 2024. The rate on a 30-year fixed-rate
mortgage stands at 6.9%, up significantly from the recent low-sixes levels reached in
the late summer of 2024.
Housing affordability hovered at around an index level of 100 throughout 2024, near
the lowest level in 3+ decades. A reading below 100 indicates that the typical family
cannot afford to buy a median-priced home.
Mortgage rates ended 2024 a bit above 6.5 percent, and this “higher for longer” path
for rates will result in flatter originations path over the forecast horizon. Forecast for
2025 origination volume was marked down slightly to just above $2.0 trillion.
Total mortgage delinquencies have gradually risen, but remain low. While
delinquencies are likely to rise, the data currently signals more of a return to normal
rather than cause for concern.
11
Forecast provided by Mortgage Bankers Association as of Jan 19, 2025; Actual through Q3 2024
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
'25
Purchase
Refinance
6.9%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25
30-YR Fixed
170.4
100.7
0
50
100
150
200
250
'20
'21
'22
'23
'24
4.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
'04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24
Total Past Due
30 Days
60 Days
90+ Days
$2.25
$4.11
$4.44
$2.31
$1.64 $1.78
$2.05
$2.37 $2.46
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$5.0
2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E
$ Trillions
Purchase
Refinance
Total Originations
0%
2%
4%
6%
8%
10%
12%
$11.4
$11.6
$11.8
$12.0
$12.2
$12.4
$12.6
$12.8
$13.0
$13.2
$13.4
Mar '22
Sep '22
Mar '23
Sep '23
Mar '24
Sep '24
$ Trillions
Mortgage Balance
% Growth, YoY
M&A And Fundraising Activity.
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
HAS BEEN ACQUIRED BY
Dealmaking Thawing, Further Improvements Expected in 2025
Recap of Dealmaking Activity in 2024
•
In January 2024, with interest rates thought to be at their peak and to soon
decline, many believed the year would bring an end to one of the worst
dealmaking bear markets in decades. Instead, inflation pressure reared its
head again following 4 rate cuts by the Federal Reserve and momentum fizzled
• Yet, M&A activity within the Real Estate & Mortgage Technology sector
steadily improved over 2023 –30% more deals were announced in 2024
compared to 2024 – and while acquirors remained disciplined when deploying
capital for acquisitions, the market was overall more constructive
• End-market headwinds continue to pressure company performance (e.g.
residential existing home sales remain near decade lows; Office CRE remains
challenged), leading sellers and fundraisers (who can afford to do so) to delay
transactions
• PE sponsors have fared worse than corporates, as cash-rich strategic
acquirors avoid many of the challenges facing PEs (e.g. mounting exit pressure
from LPs, a lackluster IPO market for PropTech, a more expensive debt-
financing environment)
• The buoyancy of public equity has benefited certain large-cap acquirors (see
CoStar’s announced ~$1.6BN acquisition of Matterport utilizing its stock to
finance 50% of the deal), while also serving as a constructive backdrop to the
market as a whole
• Valuations seem to have stabilized around mid-cycle levels, implying an end
to the correction following the rate-induced-slowdown that began in 2022
•
It is encouraging to see the beginnings of a dealmaking recovery, as well as a
favorable setup for continued improvement in 2025
13
M&A Activity in 2024
Fundraising Activity in 2024
110+
M&A Deals Announced
in 2024
30%+
Increase in
Announced Deals YoY
70%+
Of 2024 Deals Completed
by Corporate Acquirors
$4.5BN+
Funds Raised
In 2024
~14%
Of Fundraising Deals
Raised $100MM+
18%+
YoY Increase in No. of
Fundraising Deals in 2024
HAS BEEN ACQUIRED BY
HAS BEEN ACQUIRED BY
HAS MERGED WITH
SECURES EQUITY FUNDING FROM1
SECURES EQUITY FUNDING FROM1
SECURES EQUITY FUNDING FROM1
SECURES EQUITY FUNDING FROM1
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
55
72
103
92
95
173
120
86
114
0
20
40
60
80
100
120
140
160
180
200
2016
2017
2018
2019
2020
2021
2022
2023
2024
M&A Deal Activity, 2024
Deals by End-Market, 2024
Deals by Transaction Type, 2024
M&A Activity within the Real Estate Technology Sector
1: Includes acquisitions with a reportable deal value of at least $25.0M of companies headquartered in the U.S. or Canada
14
73%
9%
18%
Corporate M&A
Sponsor Buyout/LBO
Sponsor Add-On
63%
34%
3%
Real Estate Tech
Construction Tech
Mortgage Tech
•
114 deals announced in 2024,
outpaced the number of deals
announced in 2023 by 33%
• Corporates continue to drive
the market activity,
representing 70%+ of deals in
2024 and 75%+ in 2023
• Higher cash balances and near-
record high stock-prices of
corporates (S&P500 index up
23% in 2024; Nasdaq up nearly
29%) bolstered corporates
M&A buying power
• Sponsor platform and add-on
activity accounted for 27% of
deals in 2024
• The Mortgage Technology
subsector of the market
remains quiet, as purchase and
refinancing mortgage volumes
continue to put pressure on
the space
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
2018
2019
2020
2021
2022
2023
2024
Consolidator
Acquisition
Recap / Change of Ownership
Divestment
Rumored/Failed Acquisition
Consolidators are Driving Sector Consolidation, Albeit at a Slower Pace
15
Level One
Acquisitions
Since 2018
Real Estate Data and
Marketplaces
NAS: CSGP
14
Acquisitions
Since 2018
Property Management
Software and Intelligence
Privately Held
19
Acquisitions
Since 2018
Real Estate and Investment
Management Software
Privately Held
40
One
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
2018
2019
2020
2021
2022
2023
2024
Consolidator
Acquisition
Recap / Change of Ownership
Divestment
Rumored/Failed Acquisition
Consolidators are Driving Sector Consolidation, Albeit at a Slower Pace
16
Acquisitions
Since 2018
Real Estate Data,
Analytics, and Software
Privately Held
15
Acquisitions
Since 2018
Mortgage Software
and Data
NYSE: ICE
13
Acquisitions
Since 2018
Real Estate Marketplaces
and Mortgage Lending
NAS: Z, ZG
7
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Select 2024 Real Estate Technology M&A Transactions
17
Contact Capstone Partners for additional transaction details
•
Casago, a vacation rental property management company,
and Vacasa (VCSA) a vacation rental management platform
in N.A., announced they have entered into a agreement under
which Casago and Vacasa will combine in a transaction in
which Casago will acquire all outstanding shares of Vacasa
held by public stockholders at a price of $5.02 per share
•
In addition, Roofstock, a leading proptech platform, plans to
invest in and provide strategic guidance to the combined
company
• JobNimbus, a game-changing SaaS provider for the roofing
industry, announced a $330 million growth investment from
Sumeru Equity Partners
• This investment will help enable JobNimbus to scale its
operations, expand product offerings, and continue its
mission to transform the contractor technology space
• CoStar Group, a leading provider of CRE data and
marketplace listing platforms has agreed to acquire Visual
Lease, a software platform for lease management,
accounting, and reporting, used by over 1,500 organizations
• The acquisition will enhance functionality for businesses by
providing integrate lease management and accounting
solutions coupled with the power of CoStar’s data &
analytics
• BiggerPockets, an educational platform democratizing
access to real estate investing, announced a majority
investment by The Chernin Group, a multi-stage investment
firm known for building and growing consumer businesses
• TCG’s investment unlocks tremendous growth opportunities
for BiggerPockets, accelerating the development and launch
of four new products built in direct response to feedback
from the BiggerPockets community
Date
Target
Acquiror
Sub-Sector
Jan-25
Neat Capital
Lower
Mortgage & Settlement
Dec-24
Vacasa
Casago
Travel & Vacation
Dec-24
Rent College Pads
StarRez
Listings & Marketplaces
Dec-24
REI Hub
TurboTenant
Real Estate Software
Nov-24
JobNimbus
Sumeru Equity
Construction Tech
Nov-24
Visual Lease
CoStar Group
Real Estate Software
Oct-24
Passive Pockets
BiggerPockets
Info Services & Data
Oct-24
LiveEasy
AppFolio
Other
Oct-24
Tensorflight
Nearmap
Info Services & Data
Oct-24
Raise
JLL
Real Estate Software
Sep-24
Doma Holdings
Title Resources
Mortgage & Settlement
Sep-24
Virtual Staging AI
Zillow Group
Other
Sep-24
Livian
PLACE
Tech-Enabled Brokerage
Sep-24
Shaker
AccountTECH
Other
Sep-24
IMN
Informa
Info Services & Data
Aug-24
redIQ
Radix
Info Services & Data
Aug-24
Hungry Robots
Revnest
Info Services & Data
Aug-24
BiggerPockets
The Chernin Group
Info Services & Data
Jul-24
Infotech
Diversis Capital
Construction Tech
Jul-24
EvictionAssistant
Pay Ready
Property Management Services
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Select 2024 Real Estate Technology M&A Transactions
18
Contact Capstone Partners for additional transaction details
• Roofstock, an operator of an online property investment
marketplace intended to help individuals buy and sell tenant-
single-family rentals, announced a merger with Mynd, a
property management platform
• The two companies will integrate their offerings to create an
end-to-end platform to help power the next chapter of
growth in the single-family rental asset class
• Trimble signed an agreement to acquire Flashtract, a
provider of technology aimed to streamline the flow of
payment and compliance information between construction
contractors
• With the acquisition, Trimble will integrate Flashtract’s
technology within their enterprise resource planning
solutions, helping to improve contractor compliance and
keep projects on schedule and in budget
• CoStar Group, a leading provider of commercial real estate
data and marketplace listing platforms has entered an
agreement to acquire Matterport, a spatial data company
focused on digitizing and indexing the built world through
immersive digital twins
• The acquisition will allow CoStar to integrate Matterport’s
3-D technology into their host of real estate information
solution applications and online property marketplaces
• Zonda, the leading provider of data-driven housing market
solutions for the homebuilding industry, has entered into an
agreement to acquire BDX, a provider of digital marketing
and technology services intended for the home building
industry
• This acquisition will allow builders to gain more exposure for
listings and grans them access to new data to help grow their
sales and marketing funnel
Date
Target
Acquiror
Sub-Sector
Jul-24
LeaseAccelerator
insightsoftware
Real Estate Software
Jul-24
ETHOSystems
Pine Services Group
Construction Tech
Jul-24
Crews By Core
WakeCap Technologies
Construction Tech
Jun-24
Colleen AI
Entrata
Real Estate Software
Jun-24
Dwellwell Analytics
Oblong
Other
May-24
Campspot
Vertica Capital Partners
Real Estate Software
May-24
Mynd
Roofstock
Property Management Services
May-24
Intelliwave Technologies
Procore Technologies
Construction Tech
May-24
Flashtract
Trimble
Construction Tech
Apr-24
Awning
RedAwning.com
Travel & Vacation
Apr-24
Convex
ServiceTitan
Real Estate Software
Apr-24
Matterport
CoStar Group
Real Estate Software
Mar-24
The LEAD Syndicate
OJO Labs
Tech-Enabled Brokerage
Mar-24
TurboTenant
LLR Partners
Real Estate Software
Feb-24
Builders Digital Experience (BDX)
Zonda
Info Services & Data
Jan-24
Frontdesk Anywhere
Mews
Real Estate Software
Jan-24
SumoQuote
JobNimbus
Construction Tech
Jan-24
eGent
MRI Software
Real Estate Software
Jan-24
Cadre
YieldStreet
iBuying / Alt. Financing
Jan-24
Gravy
Clever Real Estate
iBuying / Alt. Financing
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
47
54
85
131
110
201
153
74
87
$0.0M
$2.0B
$4.0B
$6.0B
$8.0B
$10.0B
$12.0B
$14.0B
50
100
150
200
250
2016
2017
2018
2019
2020
2021
2022
2023
2024
Deal Count
Capital Raised
Fundraising Activity1, 2024
Fundraising by End-Market, 2024
Fundraising by Deal Size, 2024
• 87 fundraising deals announced
in 2024, up nearly 18% YoY
• $4.5BN capital raised in 2024
was up 16% compared to total
funds raised in 2023
• Median deal size was up 36% to
$27MM in 2024 from
approximately $20MM a year
ago
• About 14% of fundraising deals
in 2024 involved transactions
raising $100MM+ capital,
compared to less than 5% in
2023
• Deals involving Mortgage
Technology businesses
increased slightly to 8% of
deals taking place within the
subsector
Fundraising Activity within the Real Estate Technology Sector
1: Includes equity capital raises of at least $10.0M completed by companies headquartered in the U.S. or Canada
19
Significant Fundraisers in 2024
Avg. Annual Fundraising
(9-Year)
51%
49%
10M - 24.9M
25M+
69%
23%
8%
Real Estate Tech
Construction Tech
Mortgage Tech
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Date
Company
Lead Investor(s)
Sub-Sector
Dec-24
Butlr
Foundry Capital
Construction Tech
Dec-24
Lumber
Tishman Speyer
Construction Tech
Dec-24
Inveniam
G42
Info Services & Data
Dec-24
Wander
Breyer Capital
Travel & Vacation
Dec-24
PredictAP
RET Ventures; WISE Ventures
Real Estate Software
Nov-24
Constrafor
NFX
Construction Tech
Nov-24
Fractional
Fifth Wall; Left Lane
iBuying / Alt. Financing
Nov-24
SwiftConnect
Quadri Ventures
Access Control
Nov-24
ButterflyMX
FTV Capital; Lead Edge
Smart Builings & Access Control
Oct-24
DoorLoop
JMI Equity
Real Estate Software
Oct-24
Inspectify
Munich Re Ventures
Other
Oct-24
Obligo
83North
iBuying / Alt. Financing
Oct-24
Document Crunch
Titanium Ventures
Other
Sep-24
Leasecake
PeakSpan, Las Olas
Real Estate Software
Sep-24
Cherre
HighSage
Info Services & Data
Sep-24
GreenLite
Craft Ventures
Construction Tech
Sep-24
Polly
8VC
Mortgage & Settlement
Sep-24
PMWeb
Bregal Sagemount
Construction Tech
Aug-24
Valon Mortgage
WestCap
Mortgage & Settlement
Aug-24
Odevo
CVC
Property Management
Select 2024 Real Estate Technology Fundraising Transactions
20
Contact Capstone Partners for additional transaction details
• PredictAP, a machine-learning enabled invoice ingestion &
coding solution for real estate accounts payable (AP),
announced the close of its $8-million series A financing
round
• The round was led by leading real estate technology venture
capital firm RET Ventures, with additional participation from
Wise Ventures
•
ButterflyMX, a cloud-based property access platform for
multifamily and commercial properties, announced a
significant growth equity investment from FTV Capital
• With nearly 17,000 buildings and 1.5 million people using
ButterflyMX daily, this investment will enable expansion into
new markets, accelerate new product offerings, and solidify
its position as the leading provider of property access
control and security solutions
• DoorLoop, a leading all-in-one property management
software company, announced a $100 million Series B funding
round led by JMI Equity, a growth equity firm focused on
investing in leading software companies
• The investment will empower the DoorLoop to build upon its
product offerings and deepen its leadership bench as it
continues to stand out as an industry-leading centralized
platform for property management
• Valon, a vertically integrated mortgage servicing platform,
announced the successful completion of its $100 million
Series C funding round
• The round was led by WestCap with participation from new
and existing investors including Andreessen Horowitz,
bringing Valon’s total raised capital to $230 million since its
founding in 2019
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Date
Company
Lead Investor(s)
Sub-Sector
Aug-24
Planera
Sierra Ventures
Real Estate Software
Aug-24
HomeLight
Zeev Ventures
iBuying / Alt. Financing
Aug-24
Rentvine
Mainsail Partners
Real Estate Software
Aug-24
Livly
Thornapple River
Real Estate Software
Aug-24
EliseAI
Sapphire Ventures
Real Estate Software
Aug-24
Bilt
Teachers' Venture Growth
Payments
Jul-24
HouseAmp
Fortress IG; Third Prime
iBuying / Alt. Financing
Jul-24
Adaptive
Emergence
Real Estate Software
Jun-24
Clearstory
Prudence
Real Estate Software
Jun-24
Setpoint
645 Ventures
Real Estate Software
Jun-24
Findigs
Nyca Partners
Credit Data & Services
May-24
TraceAir
PeakSpan Capital
Construction Tech
May-24
FinLocker
Radian Group
Real Estate Software
Apr-24
KODE Labs
Maverix Private Equity
Smart Builings & Access Control
Mar-24
Guesty
KKR
Real Estate Software
Feb-24
Aidium
PeakSpan Capital
Mortgage & Settlement
Feb-24
True Footage
Nava Ventures
Mortgage & Settlement
Feb-24
Higharc
Pillar VC; Spark Capital
Construction Tech
Jan-24
PermitFlow
Kleiner Perkins
Construction Tech
Jan-24
Agorus
Toyota Ventures
Construction Tech
Select 2024 Real Estate Technology Fundraising Transactions
21
Contact Capstone Partners for additional transaction details
• Clearstory, a Walnut Creek, CA-based provider of a
construction change order communication platform, raised
$16M in Series B funding
• The round was led by Prudence, with participation from
Industry Ventures and existing investors including Jackson
Square Ventures, Building Ventures, GS Futures and Cloud
Apps Capital Partners
• Findigs, the leading property technology company
simplifying rental screening and leasing decisions, has
received Series B funding, securing a total of $27 million. This
financing follows the company’s unannounced Series A and
Seed rounds, bringing its total funding to $48 million to date
• Led by industry leader Nyca Partners, this round also
included investors such as RPM Ventures, Streamlined
Ventures, and Activant Capital
• FinLocker, the developer of the leader white-label financial
readiness app that emphasizes attaining and sustaining
homeownership, announced the completion of a $17 million
Series B financing round
• The infusion of capital from investors including Radian Group
and existing shareholders, will enable FinLocker to introduce
a suite of innovative features and tools designed to optimize
the home buying and homeownership experience
• Guesty, a property rentals management platform, has raised
$19 million in Series B funding to help further their global
expansion through both acquisitions and organic growth, as
well as broaden their enterprise-level offerings to
accommodate medium-term rentals, corporate housing, and
fully-serviced stays
• The Series B round was led by KKR, with participation from
Inovia Capital
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
0
2,000
4,000
6,000
8,000
10,000
12,000
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Deal value ($B)
Deal count
Exits Rose Off of 10-Year Lows…
…While Investment Activity Steadily Climbs…
…Yet, Cumulative Dry Powder Remains Near All Time Highs
• Last year (2024) could prove
to be a turning point for the
$3.0TN+ U.S. PE industry, as
both deal count and total
investment activity value
increased by double digits
from the prior year
• Lower base rates and tighter
spreads resulted in lower
financing costs and helped
bridge the gap between
buyers’ and sellers’ value
expectations
• Exits are accelerating off of a
relatively low base, with exit
value in the year increasing by
30%+
• Despite these positive signals,
PE fundraising slowed, finishing
the year at $285B – well below
the nearly $400B raised in
2023
• As a result of a decline in
fundraising and more
investment capital being put to
work, PE dry powder fell
throughout the year; however,
the figure still stands near
record highs at more than $1.0T
Private Equity Activity Reflects Newfound Optimism
Sources: Pitchbook; FactSet; MergerMarket; S&P CapIQ
22
Commentary
…And Fundraising Slows...
$ Billions
0
500
1,000
1,500
2,000
2,500
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Exit Value ($B)
Exit Count
$87
$153 $149 $143
$185
$257
$208
$352
$273
$377
$399 $395
$285
0
200
400
600
800
1,000
1,200
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Capital Raised ($B)
Fund Count
$1,007.5
$0
$200
$400
$600
$800
$1,000
$1,200
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
2024
2023
2022
2021
2020
2019
2018
2017
Overhang
by vintage
Public Equity Markets.
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Since Jan 2020
3-Year
1-Year
Year-to-Date
3-Month
1-Month
S&P 500
89.3%
39.6%
22.2%
4.0%
4.2%
2.0%
Nasdaq
123.2%
46.0%
26.9%
3.7%
7.2%
2.0%
Real Estate Tech
61.6%
3.4%
10.8%
9.8%
9.9%
8.4%
Mortgage Tech
52.3%
28.0%
18.6%
9.1%
3.7%
8.6%
Real Estate Tech Names Have Lagged the Broader Market
Over the Last 1-Yr, 3-Yr, 5-Yr Periods
Public Equity Trading Performance Since January 2020
24
Trading values as of market close on Feb 14, 2025
Volatility Index (VIX)
50
70
90
110
130
150
170
190
210
230
250
Jan '20
Apr '20
Jul '20
Oct '20
Jan '21
Apr '21
Jul '21
Oct '21
Jan '22
Apr '22
Jul '22
Oct '22
Jan '23
Apr '23
Jul '23
Oct '23
Jan '24
Apr '24
Jul '24
Oct '24
Jan '25
S&P 500
Nasdaq
Real Estate Tech
Mortgage Tech
0
25
50
75
100
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Real Estate Technology Trading Performance Since Prior to Fed Hikes
25
1: Reflects price-index returns since Jan 1, 2022
Trading values as of market close on Feb 14, 2025
Info Services
& Data
Real Estate
Software
Construction Tech
Listings &
Marketplaces
Mortgage &
Settlement
Credit Data
Residential
Brokerage
iBuying
Commercial
Brokerage
19.5%1
1.1%
57.5%
(5.5%)
16.8%
22.0%
(74.1%)
(91.0%)
16.4%
0
20
40
60
80
100
120
140
160
180
Jan
'22
Feb
'22
Mar
'22
Apr
'22
May
'22
Jun
'22
Jul '22 Aug
'22
Sep
'22
Oct
'22
Nov
'22
Dec
'22
Jan
'23
Feb
'23
Mar
'23
Apr
'23
May
'23
Jun
'23
Jul '23 Aug
'23
Sep
'23
Oct
'23
Nov
'23
Dec
'23
Jan
'24
Feb
'24
Mar
'24
Apr
'24
May
'24
Jun
'24
Jul '24 Aug
'24
Sep
'24
Oct
'24
Nov
'24
Dec
'24
Jan
'25
Feb
'25
Information Services
Real Estate Software
Construction Tech
Listings & Marketplace
Mortgage & Settlement Tech
Credit Data
iBuying
Residential Brokerage
Commercial Brokerage
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Valuation Multiples Have Broadly Expanded in the Last Two Years
26
As of market close on Feb 14, 2025
Enterprise Value / Revenue (NTM)
Enterprise Value / EBITDA (NTM)
2-Years Ago
1-Year Ago
Current
S&P 500
12.5x
13.8x
15.0x
Nasdaq
14.4x
16.1x
17.3x
Real Estate Tech
23.9x
28.7x
30.6x
Mortgage Tech
13.6x
18.2x
19.5x
2-Years Ago
1-Year Ago
Current
S&P 500
2.7x
3.0x
3.5x
Nasdaq
3.2x
3.9x
4.6x
Real Estate Tech
5.4x
5.2x
6.0x
Mortgage Tech
3.3x
4.0x
5.0x
2.7x
3.0x
3.5x
3.2x
3.9x
4.6x
5.4x
5.2x
6.0x
3.3x
4.0x
5.0x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
2-Years
Ago
1-Year
Ago
Latest 2-Years
Ago
1-Year
Ago
Latest 2-Years
Ago
1-Year
Ago
Latest 2-Years
Ago
1-Year
Ago
Latest
SP500
Nasdaq
RE Tech
Mortgage Tech
12.5x
13.8x
15.0x
14.4x
16.1x
17.3x
23.9x
28.7x
30.6x
13.6x
18.2x
19.5x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
30.0x
35.0x
2-Years
Ago
1-Year
Ago
Latest 2-Years
Ago
1-Year
Ago
Latest 2-Years
Ago
1-Year
Ago
Latest 2-Years
Ago
1-Year
Ago
Latest
SP500
Nasdaq
RE Tech
Mortgage Tech
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Real Estate Real Estate Technology Subsector Valuation Multiples
27
1: Reflects price-index returns since Jan 1, 2022
Trading values as of market close on Feb 14, 2025
Info Services
& Data
Real Estate
Software
Construction Tech
Listings &
Marketplaces
Mortgage &
Settlement
Credit Data
Residential
Brokerage
iBuying
Commercial
Brokerage
10.2x
8.3x
9.0x
5.3x
4.9x
10.0x
0.3x
0.7x
1.1x
26.4x
33.2x
27.2x
29.9x
19.5x
22.6x
39.8x
10.8x
12.5x
EV / Rev (NTM)
EV / EBITDA (NTM)
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
E
V
/
R
E
V
Real Estate Technology Company Valuation Multiples
28
As of market close on Feb 14, 2025
Represents Enterprise Value multiples relative to next-twelve-month (NTM) revenue and EBITDA
E
V
/
E
B
I
T
D
A
15.8x
13.1x
12.4x
8.5x
5.3x
12.1x
8.1x
7.2x
0.7x
11.3x
8.9x
9.6x 9.2x 9.3x
5.6x
7.8x
6.7x
1.7x
NM
1.8x
5.4x 5.1x
4.1x
5.1x
NM
1.1x 0.9x
22.3x
5.9x 6.2x 5.4x
0.4x 0.2x 0.6x 0.6x 0.3x 0.1x
1.8x 1.2x 0.8x 0.7x
0.0x
5.0x
10.0x
15.0x
20.0x
25.0x
26.1x26.1x
17.6x
51.8x
25.5x
NM
28.8x
NM NM
31.1x
22.3x
25.6x
17.0x
47.3x
19.7x
22.2x
26.8x
NM NM
18.7x
13.3x
NM
29.9x
44.6x
NM
5.2x 6.1x
39.7x
18.0x17.5x
15.0x
NM
39.8x
9.3x
16.3x17.5x
0.3x
12.9x
15.4x
8.5x
13.2x
0.0x
10.0x
20.0x
30.0x
40.0x
50.0x
60.0x
MSCI
MCO
ICE
CSGP
AIF-CA
TTAN
APPF
MTTR
SMRT
BSY
ROP
ADSK
ORCL
PCOR
TRMB
ABNB
ZG
RDFN
ASPS
PRCH
MLNK
RDN
REAL-CA
BLND
VXTR-CA
FNF
FAF
FICO
EFX
EXPN-GB
TRU
OPEN
OPAD
HOUS
COMP.EQ-US
EXPI
RMAX
CIGI
CBRE
CWK
JLL
Info Services
Real Estate Software
Construction Tech
Internet Listings
Mortgage & Settlement Tech
Credit Data
iBuying Residential Brokerage
Commercial
Brokerage
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
The “Rule of 40” as a Predictor of Value, Select RE Tech Companies
29
(5%)
3.0x
9%
4.0x
34%
7.8x
49%
8.3x
69%
12.5x
Average “Rule of 40”
Average Enterprise Value / Revenue (NTM)
Market data as of Feb 14, 2025
MSCI
MCO
CSGP
AIF
TTAN
APPF
MTTR
SMRT
BSY
ROP
ADSK
ORCL
PCOR
TRMB
ABNB
ZG
RDFN
PRCH
MLNK
RDN
BLND
EFX
EXPN
TRU
R² = 0.54
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
-40%
-20%
0%
20%
40%
60%
80%
Enterprise Value / Revenue (NTM)
"Rule of 40" Metric (Rev Growth + EBITDA Margin)
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
%
G
R
O
W
T
H
Real Estate Technology Company “Rule of 40” Metrics
30
As of market close on Feb 14, 2025; Represents next-twelve-month (NTM) estimates
%
M
A
R
G
I
N
10% 8%
22%
17%
-25%
23% 21%
11%
-3%
15%
11%
17% 14% 14%
-5%
11%
16% 14%
0%
-7%
9%
1% NM
28%
0%
7%
69%
18%
7%
11%
7%
27%
31%
6%
27%
9%
0%
13% 12%
-24%
15%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
60%
50%
70%
16%
21%
9%
28%
8%
-2%
36%
40%
38%
54%
20%
28%
0%
25%
2% NM
10%
40%
NM
14%
12%
NM
22%
15%
56%
33%
36% 36%
-1%
1%
6%
4%
2%
31%
14%
8% 9%
5%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
MSCI
MCO
ICE
CSGP
AIF-CA
TTAN
APPF
MTTR
SMRT
BSY
ROP
ADSK
ORCL
PCOR
TRMB
ABNB
ZG
RDFN
ASPS
PRCH
MLNK
RDN
REAL-CA
BLND
VXTR-CA
FNF
FAF
FICO
EFX
EXPN-GB
TRU
OPEN
OPAD
HOUS
COMP.EQ-US
EXPI
RMAX
CIGI
CBRE
CWK
JLL
Info Services
Real Estate Software
Construction Tech
Internet Listings
Mortgage & Settlement Tech
Credit Data
iBuying Residential Brokerage
Commercial
Brokerage
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Real Estate Technology Public Company Financial & Valuation Metrics
31
As of market close on Feb 14, 2025
Values presented in millions of dollars except for per share values
Information Services
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
Altus Group
AIF-CA
CAD 57.69
$1,879.8
$2,131.7
94.4%
$533.7
2.2%
$86.5
16.2%
$400.7
-24.9%
$83.4
20.8%
4.0x
5.3x
24.6x
25.5x
CoStar Group
CSGP
$74.06
$30,361.6
$26,384.8
73.8%
$2,666.9
11.7%
$156.1
5.9%
$3,114.2
16.8%
$509.4
16.4%
9.9x
8.5x
NM
51.8x
Equifax
EFX
$249.50
$30,926.0
$36,125.9
80.6%
$5,681.1
7.9%
$1,753.6
30.9%
$6,076.5
7.0%
$2,003.5
33.0%
6.4x
5.9x
20.6x
18.0x
Experian
EXPN-GB
£39.41
$45,511.1
$50,439.1
98.0%
$7,302.7
7.5%
$2,538.4
34.8%
$8,083.7
10.7%
$2,888.8
35.7%
6.9x
6.2x
19.9x
17.5x
Fair Isaac
FICO
$1,799.19
$43,932.8
$46,926.2
74.9%
$1,775.4
14.5%
$776.3
43.7%
$2,099.9
18.3%
$1,180.9
56.2%
NM
22.3x
60.4x
39.7x
Intercontinental Exchange
ICE
$166.71
$95,785.7
$114,258.0
98.2%
$7,555.0
2.6%
$5,949.0
78.7%
$9,209.0
21.9%
$6,489.4
70.5%
15.1x
12.4x
19.2x
17.6x
Moody's
MCO
$522.84
$94,738.6
$100,456.9
98.3%
$7,088.0
19.8%
$3,404.0
48.0%
$7,686.6
8.4%
$3,850.3
50.1%
14.2x
13.1x
29.5x
26.1x
MSCI
MSCI
$572.63
$44,465.9
$49,462.3
89.1%
$2,856.1
12.9%
$1,741.7
61.0%
$3,138.2
9.9%
$1,895.3
60.4%
17.3x
15.8x
28.4x
26.1x
TransUnion
TRU
$99.74
$19,459.3
$24,249.4
88.1%
$4,183.8
9.2%
$1,330.6
31.8%
$4,469.7
6.8%
$1,613.2
36.1%
5.8x
5.4x
18.2x
15.0x
Zillow Group
ZG
$76.89
$18,650.3
$17,518.1
88.8%
$2,236.0
15.0%
$79.0
3.5%
$2,600.4
16.3%
$653.9
25.1%
7.8x
6.7x
NM
26.8x
Median
$37,429.4
$41,526.0
89.0%
$3,520.0
10.4%
$1,536.2
33.3%
$3,804.0
10.3%
$1,754.3
35.9%
7.8x
7.6x
22.6x
25.8x
Mean
$42,571.1
$46,795.2
88.4%
$4,187.9
10.3%
$1,781.5
35.5%
$4,687.9
9.1%
$2,116.8
40.4%
9.7x
10.2x
27.6x
26.4x
Real Estate Software
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
AppFolio
APPF
$217.32
$7,911.5
$7,756.7
79.2%
$794.2
28.0%
$157.2
19.8%
$957.7
20.6%
$269.7
28.2%
9.8x
8.1x
49.3x
28.8x
Autodesk
ADSK
$302.72
$65,084.8
$66,555.2
92.7%
$5,942.0
12.7%
$1,509.0
25.4%
$6,936.4
16.7%
$2,601.7
37.5%
11.2x
9.6x
44.1x
25.6x
Bentley Systems
BSY
$47.25
$14,281.3
$17,159.0
82.6%
$1,313.9
9.1%
$344.0
26.2%
$1,516.9
15.5%
$552.2
36.4%
13.1x
11.3x
49.9x
31.1x
Matterport
MTTR
$5.25
$1,695.2
$1,321.2
97.9%
$165.4
3.8%
($148.1)
(89.5%)
$184.1
11.3%
$15.1
8.2%
8.0x
7.2x
NM
NM
Procore Tech
PCOR
$87.50
$13,008.1
$12,200.1
99.5%
$1,151.7
21.2%
($42.3)
(3.7%)
$1,311.3
13.9%
$258.1
19.7%
10.6x
9.3x
NM
47.3x
ServiceTitan
TTAN
$100.05
$8,998.7
$10,772.4
89.3%
$724.4
24.5%
NM
NM
$888.8
22.7%
$80.6
9.1%
14.9x
12.1x
NM
NM
SmartRent
SMRT
$1.49
$286.9
$139.8
48.9%
$199.8
-8.0%
($17.4)
(8.7%)
$193.3
-3.3%
($4.0)
(2.1%)
0.7x
0.7x
NM
NM
Median
$8,998.7
$10,772.4
89.3%
$794.2
12.7%
$69.9
8.1%
$957.7
15.5%
$258.1
19.7%
10.6x
9.3x
49.3x
29.9x
Mean
$15,895.2
$16,557.8
84.3%
$1,470.2
13.0%
$300.4
(5.1%)
$1,712.6
13.9%
$539.1
19.6%
9.7x
8.3x
47.8x
33.2x
Construction Tech
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
Autodesk
ADSK
$302.72
$65,084.8
$66,555.2
92.7%
$5,942.0
12.7%
$1,509.0
25.4%
$6,936.4
16.7%
$2,601.7
37.5%
11.2x
9.6x
44.1x
25.6x
Bentley Systems
BSY
$47.25
$14,281.3
$17,159.0
82.6%
$1,313.9
9.1%
$344.0
26.2%
$1,516.9
15.5%
$552.2
36.4%
13.1x
11.3x
49.9x
31.1x
Oracle
ORCL
$174.16
$487,118.6
$577,468.0
87.8%
$54,933.0
6.4%
$23,324.0
42.5%
$62,821.2
14.4%
$33,929.6
54.0%
10.5x
9.2x
24.8x
17.0x
Procore Tech
PCOR
$87.50
$13,008.1
$12,200.1
99.5%
$1,151.7
21.2%
($42.3)
(3.7%)
$1,311.3
13.9%
$258.1
19.7%
10.6x
9.3x
NM
47.3x
Roper Technologies
ROP
$573.58
$61,504.4
$69,381.4
98.1%
$7,039.2
13.9%
$2,809.5
39.9%
$7,803.1
10.9%
$3,107.0
39.8%
9.9x
8.9x
24.7x
22.3x
Trimble
TRMB
$74.29
$18,259.9
$19,217.3
95.5%
$3,632.3
-2.4%
$739.8
20.4%
$3,460.0
-4.7%
$974.5
28.2%
5.3x
5.6x
26.0x
19.7x
Median
$39,882.1
$42,886.3
94.1%
$4,787.2
10.9%
$1,124.4
25.8%
$5,198.2
14.1%
$1,788.1
37.0%
10.6x
9.2x
26.0x
24.0x
Mean
$109,876.2
$126,996.8
92.7%
$12,335.4
10.2%
$4,780.7
25.1%
$13,974.8
11.1%
$6,903.9
35.9%
10.1x
9.0x
33.9x
27.2x
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Real Estate Technology Public Company Financial & Valuation Metrics
32
As of market close on Feb 14, 2025
Values presented in millions of dollars except for per share values
Listings & Marketplace
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
Airbnb
ABNB
$161.42
$100,296.7
$95,773.9
94.9%
$11,102.0
11.9%
$2,618.0
23.6%
$12,352.0
11.3%
$4,323.2
35.0%
8.6x
7.8x
36.6x
22.2x
Altisource Portfolio
ASPS
$0.84
$22.8
$225.9
26.4%
$162.2
5.4%
$7.8
4.8%
NM
NM
NM
NM
1.4x
NM
29.0x
NM
CoStar Group
CSGP
$74.06
$30,361.6
$26,384.8
73.8%
$2,666.9
11.7%
$156.1
5.9%
$3,114.2
16.8%
$509.4
16.4%
9.9x
8.5x
NM
51.8x
Porch Group
PRCH
$4.81
$491.7
$747.1
79.7%
$452.1
19.0%
$3.9
0.9%
$418.5
-7.4%
$40.0
9.6%
1.7x
1.8x
NM
18.7x
Redfin Corporat
RDFN
$8.87
$1,099.7
$2,024.4
58.0%
$1,016.8
3.7%
($116.1)
(11.4%)
$1,158.9
14.0%
$19.2
1.7%
2.0x
1.7x
NM
NM
Zillow Group
ZG
$76.89
$18,650.3
$17,518.1
88.8%
$2,236.0
15.0%
$79.0
3.5%
$2,600.4
16.3%
$653.9
25.1%
7.8x
6.7x
NM
26.8x
Median
$9,875.0
$9,771.3
76.7%
$1,626.4
11.8%
$43.4
4.2%
$2,600.4
14.0%
$509.4
16.4%
4.9x
6.7x
32.8x
24.5x
Mean
$25,153.8
$23,779.0
70.3%
$2,939.3
11.1%
$458.1
4.5%
$3,928.8
10.2%
$1,109.1
17.5%
5.2x
5.3x
32.8x
29.9x
Mortgage & Settlement Tech
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
Altisource Portfolio
ASPS
$0.84
$22.8
$225.9
26.4%
$162.2
5.4%
$7.8
4.8%
NM
NM
NM
NM
1.4x
NM
29.0x
NM
Blend Labs
BLND
$3.75
$959.7
$1,032.6
67.9%
$156.7
-4.2%
($55.5)
(35.4%)
$200.8
28.1%
$23.1
11.5%
6.6x
5.1x
NM
44.6x
Fidelity National
FNF
$57.95
$15,857.4
$16,239.4
89.4%
$13,529.0
23.8%
NM
NM
$14,467.7
6.9%
$3,151.0
21.8%
1.2x
1.1x
NM
5.2x
First American Financial
FAF
$63.66
$6,557.2
$6,468.2
89.8%
$4,267.1
-28.9%
NM
NM
$7,190.8
68.5%
$1,064.0
14.8%
1.5x
0.9x
NM
6.1x
Intercontinental Exchange
ICE
$166.71
$95,785.7
$114,258.0
98.2%
$7,555.0
2.6%
$5,949.0
78.7%
$9,209.0
21.9%
$6,489.4
70.5%
15.1x
12.4x
19.2x
17.6x
MeridianLink
MLNK
$18.97
$1,432.7
$1,822.8
74.9%
$311.4
4.0%
$73.9
23.7%
$338.0
8.5%
$136.6
40.4%
5.9x
5.4x
24.7x
13.3x
Radian Group
RDN
$32.77
$4,880.5
$6,615.0
86.6%
$1,290.3
4.0%
NM
NM
$1,298.6
0.6%
NM
NM
5.1x
5.1x
NM
NM
Real Matters
REAL-CA
CAD 6.13
$320.2
$275.6
64.8%
$178.2
10.6%
($0.6)
(0.3%)
$66.5
-62.7%
$9.2
13.9%
1.5x
4.1x
NM
29.9x
Voxtur Analytics
VXTR-CA
CAD 0.04
$21.6
$56.5
21.1%
$29.6
-24.2%
($13.9)
(47.1%)
NM
NM
NM
NM
1.9x
NM
NM
NM
Median
$1,432.7
$1,822.8
74.9%
$311.4
4.0%
$3.6
2.2%
$1,298.6
8.5%
$600.3
18.3%
1.9x
5.1x
24.7x
15.5x
Mean
$13,982.0
$16,332.7
68.8%
$3,053.3
(0.8%)
$993.4
4.1%
$4,681.6
10.3%
$1,812.2
28.8%
4.5x
4.9x
24.3x
19.5x
Credit Data
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
Equifax
EFX
$249.50
$30,926.0
$36,125.9
80.6%
$5,681.1
7.9%
$1,753.6
30.9%
$6,076.5
7.0%
$2,003.5
33.0%
6.4x
5.9x
20.6x
18.0x
Experian
EXPN-GB
£39.41
$45,511.1
$50,439.1
98.0%
$7,302.7
7.5%
$2,538.4
34.8%
$8,083.7
10.7%
$2,888.8
35.7%
6.9x
6.2x
19.9x
17.5x
Fair Isaac
FICO
$1,799.19
$43,932.8
$46,926.2
74.9%
$1,775.4
14.5%
$776.3
43.7%
$2,099.9
18.3%
$1,180.9
56.2%
NM
22.3x
60.4x
39.7x
TransUnion
TRU
$99.74
$19,459.3
$24,249.4
88.1%
$4,183.8
9.2%
$1,330.6
31.8%
$4,469.7
6.8%
$1,613.2
36.1%
5.8x
5.4x
18.2x
15.0x
Median
$37,429.4
$41,526.0
84.4%
$4,932.5
8.5%
$1,542.1
33.3%
$5,273.1
8.8%
$1,808.3
35.9%
6.4x
6.1x
20.2x
17.7x
Mean
$34,957.3
$39,435.1
85.4%
$4,735.8
9.8%
$1,599.7
35.3%
$5,182.5
10.7%
$1,921.6
40.3%
6.4x
10.0x
29.8x
22.6x
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Real Estate Technology Public Company Financial & Valuation Metrics
33
As of market close on Feb 14, 2025
Values presented in millions of dollars except for per share values
iBuying
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
Offerpad Solutions
OPAD
$2.45
$67.1
$271.2
25.0%
$985.0
-43.8%
($43.0)
(4.4%)
$1,291.5
31.1%
$6.8
0.5%
0.3x
0.2x
NM
39.8x
Opendoor Technologies
OPEN
$1.55
$1,108.4
$2,565.3
44.5%
$4,939.0
-44.7%
($281.0)
(5.7%)
$6,296.5
27.5%
($46.3)
(0.7%)
0.5x
0.4x
NM
NM
Median
$587.7
$1,418.3
34.8%
$2,962.0
(44.2%)
($162.0)
(5.0%)
$3,794.0
29.3%
($19.7)
(0.1%)
0.4x
0.3x
NM
39.8x
Mean
$587.7
$1,418.3
34.8%
$2,962.0
(44.2%)
($162.0)
(5.0%)
$3,794.0
29.3%
($19.7)
(0.1%)
0.4x
0.3x
NM
39.8x
Residential Brokerage
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
Anywhere Real Estate
HOUS
$3.87
$430.6
$3,359.0
52.0%
$5,692.0
1.0%
$262.0
4.6%
$6,028.2
5.9%
$362.8
6.0%
0.6x
0.6x
12.8x
9.3x
Compass
COMP.EQ-US
$7.93
$4,396.7
$4,312.9
99.7%
$5,345.1
9.2%
($44.6)
(0.8%)
$6,799.0
27.2%
$264.3
3.9%
0.8x
0.6x
NM
16.3x
eXp World Hldgs
EXPI
$10.93
$1,678.3
$1,479.4
71.0%
$4,452.5
5.4%
$18.0
0.4%
$4,863.0
9.2%
$84.5
1.7%
0.3x
0.3x
NM
17.5x
RE/MAX
RMAX
$10.13
$191.2
$31.4
70.8%
$311.8
-5.6%
$75.7
24.3%
$313.0
0.4%
$98.5
31.5%
0.1x
0.1x
0.4x
0.3x
Redfin Corporat
RDFN
$8.87
$1,099.7
$2,024.4
58.0%
$1,016.8
3.7%
($116.1)
(11.4%)
$1,158.9
14.0%
$19.2
1.7%
2.0x
1.7x
NM
NM
Median
$1,099.7
$2,024.4
70.8%
$4,452.5
3.7%
$18.0
0.4%
$4,863.0
9.2%
$98.5
3.9%
0.6x
0.6x
6.6x
12.8x
Mean
$1,559.3
$2,241.4
70.3%
$3,363.6
2.7%
$39.0
3.4%
$3,832.4
11.3%
$165.9
9.0%
0.8x
0.7x
6.6x
10.8x
Commercial Brokerage
Market Data
Financial Data
Valuation
Last Twelve Months
Next Twelve Months
EV / Revenue
EV / EBITDA
Company
Ticker
Price
Market Cap
EV
%52 Wk
High
Revenue % Growth
EBITDA % Margin
Revenue % Growth
EBITDA % Margin
LTM NTM
LTM
NTM
CBRE Group
CBRE
$143.73
$43,984.0
$49,527.7
97.3%
$35,766.0
11.9%
$1,944.0
5.4%
$40,042.2
12.0%
$3,214.1
8.0%
1.4x
1.2x
25.5x
15.4x
Colliers International Group
CIGI
$131.70
$6,643.0
$9,550.0
83.9%
$4,822.0
11.2%
$588.1
12.2%
$5,430.6
12.6%
$740.0
13.6%
2.0x
1.8x
16.2x
12.9x
Cushman & Wakefield
CWK
$13.24
$3,038.4
$5,651.1
82.2%
$9,369.4
-2.3%
$451.8
4.8%
$7,120.0
-24.0%
$666.9
9.4%
0.6x
0.8x
12.5x
8.5x
Jones Lang LaSalle
JLL
$282.69
$13,412.1
$18,407.0
98.0%
$22,503.4
9.9%
$1,062.0
4.7%
$25,849.7
14.9%
$1,392.2
5.4%
0.8x
0.7x
17.3x
13.2x
Median
$10,027.6
$13,978.5
90.6%
$15,936.4
10.5%
$825.0
5.1%
$16,484.9
12.3%
$1,066.1
8.7%
1.1x
1.0x
16.8x
13.1x
Mean
$16,769.4
$20,783.9
90.3%
$18,115.2
7.7%
$1,011.5
6.8%
$19,610.6
3.9%
$1,503.3
9.1%
1.2x
1.1x
17.9x
12.5x
Appendix.
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Meet Our Team at Upcoming Industry Events in 2025
EVENT
START DATE
LOCATION
MBA Servicing Solutions
February 4th
Dallas, TX
Bank Automation Summit
March 3rd
Nashville, TN
RETCON
March 10th
Las Vegas, NV
MBA Secondary / Capital Markets
May 18th
New York, NY
Digital Banking by American Banker
June 1st
Boca Raton, FL
Hospitality Industry Technology Exposition and Conference (HITEC)
June 16th
Indianapolis, IN
Blueprint
September 16th
Las Vegas, NV
MBA Annual
October 19th
Las Vegas, NV
CRE Tech
October 21st
New York, NY
Money 20/20
October 26th
Las Vegas, NV
NMHC OpTech Conference & Expo
November 17th
Las Vegas, NV

mailto:twoodson@capstonepartners.com


http://www.capstonepartners.com/

twoodson@capstonepartners.com
www.capstonepartners.com
Taylor Woodson
Managing Director,
Real Estate & Mortgage Technology
Call: +1.212.470.6717
Text: +1.646.328.9345
twoodson@capstonepartners.com
CAPSTONE PARTNERS
www.capstonepartners.com
DENVER | BOSTON | NEW YORK
MERGERS & ACQUISITIONS
Sell-side Advisory
Buy-side Advisory
Management Buyouts
CAPITAL RAISING & ADVISORY
Debt Capital Advisory
Equity Capital Advisory
Infrastructure Finance
FINANCIAL ADVISORY SERVICES
Transaction Advisory Services
Interim Management Advisory
Valuation Advisory & Litigation Support
SPECIAL SITUATIONS & RESTRUCTURING
Special Situations Investment Banking
Turnaround & Restructuring
Bankruptcy & Insolvency
ESOP ADVISORY
ESOP Transaction Advisory
CONTACT
36
REAL ESTATE TECHNOLOGY
CAPSTONE INSIGHTS
Sources
U.S. Bureau of Economic Analysis (8)
The Conference Board (8)
U.S. Department of Labor (8)
Board of Governors of the Federal Reserve System (US) (8)
Federal Reserve System (8, 9, 11)
Freddie Mac (11)
U.S. Census Bureau (11)
Pitchbook (13, 14, 17-22)
FactSet (24-34)
451 Research (13, 14, 17-21)
S&P Capital IQ (13, 14, 17-21)
CBRE (9)
CoStar (9)
Moody’s REIS (9)
Green Street (9)
National Association of Realtors (NAR) (10)
Realtor.com (10)
National Association of Home Builders (10, 11)
Mortgage Bankers Association (10, 11)
Company Press Releases: Casago; JobNimbus; CoStar; Bigger Pockets;
Zonda; Roofstock; Title Resources Group; Trimble; PredictAP; ButterflyMX;
DoorLoop; Guesty; Proof; Clearstory; Findigs; Radian .