Real Estate Tech Firm Enters Title, Escrow Market

October 15, 2020

Real estate technology company Compass recently announced it has signed a definitive agreement to acquire title and escrow software startup Modus.

Seattle-based Modus brings its 60+ person team and tech-driven closing process to Compass's end-to-end platform for real estate.

Modus was founded in 2018 by Alex Day, Jai Sim and Abbas Guvenilir with the goal of digitizing the home-closing process by providing a transparent platform for agents and their clients.

"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 CTO 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."

The transaction is expected to close this month. Terms of the deal were not disclosed. This will be the third software acquisition Compass has closed in the past 18 months, including the CRM platform Contactually and acquiring the team behind artificial intelligence/machine learning company Detectica.

"Compass's 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," Day said. "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."

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