Real estate website provider Boston Logic wants to help its clients become leaders in tech, and it now has more money in the bank to do so.
The “software-as-a-service” platform that, along with powering an office’s mobile and desktop URLs, bundles a brokerage’s online lead generation system, CRM, lead follow-up and digital marketing, announced a “significant” investment today from Providence Strategic Growth (PSG).
PSG is the growth affiliate of private equity firm Providence Equity Partners, which has a total market value of $47 billion. (The value of the investment was not disclosed in the announcement, and Boston Logic had not yet responded to Inman’s inquiry to confirm by press time.)
Screen shot from BostonLogic.com
David Friedman, founder and CEO of Boston Logic said in the announcement that Providence was best suited to make help Boston Logic reach bigger goals, and indicated that the firm would be both a financial and strategic partner that could contribute operational expertise.
“Providence has a track record of success in helping vertically focused software platforms expand and more rapidly realize market opportunities,” he added.
In fact, the managing director at PSG, Marco Ferrari, will be joining Boston Logic’s board of directors.
@BostonLogic receives private equity investment for innovation and growth
Click To Tweet
“Boston Logic has a long history of demonstrating value to its clients in convincing fashion,” said Ferrari. “David and his team have built an excellent technology platform and have been a driving force of innovation in an industry with increasing adoption of technology.”
Boston Logic, a provider of real estate brokerage tech solutions nationwide since 2004, currently services enterprise brokerages such as San Francisco’s Pacific Union Realty, Atlanta’s Harry Norman Realtors and affiliates of franchisors such as Coldwell Banker and Sotheby’s International Realty — along with a mix of boutique brokerages across the country.
In July, the company rolled out a new service called “Ace” that gives boutique brokerages and agent teams access to a dedicated tech and marketing admin.
With this news, Boston Logic joins the ranks of real estate tech players Lone Wolf and RealScout, which also announced outside strategic growth investments this year from venture capital/equity firms.
Vice president of PSG Bill Skarinka was drawn to Boston Logic’s comprehensive approach to online real estate solutions.
“Too many real estate brokerages are still cobbling together solutions from a number of providers,” he said. “Boston Logic has created a single, integrated platform that delivers a complete solution and serves as the hub for the day-to- day success of a brokerage.”
Inman has sent questions to Boston Logic for more details and will update this post as information comes in.
Email Caroline Feeney
The post Boston Logic receives growth investment from private equity firm appeared first on WFG National Title Insurance Company Oregon.