ACQUISITIONS ADD SIGNIFICANT NEW TECHNOLOGY CAPABILITIES, DATA AND INTELLIGENCE FOR REAL ESTATE PROFESSIONALS.
Advancing its mission to empower decision makers through every step of the real estate workflow, LightBox today announced the acquisition of two leading companies.
Real Capital Markets (RCM), a global marketplace for commercial real estate; and
Digital Map Products (DMP), a location intelligence and mapping platform.
RCM and DMP join LightBox, a company whose objective is to provide real estate professionals with greater transparency, efficiency, and insight at every decision point. LightBox was formed in 2018 when technology investment firms Silver Lake and Battery Ventures acquired EDR, the leading provider of environmental due diligence information. The EDR, Collateral360 and RIMS platforms are workflow software solutions for due diligence, appraisals, and compliance. With RCM and DMP, LightBox adds important marketplace and location intelligence capabilities to its integrated set of solutions.
“We are very excited to add the new capabilities and talented teams from RCM and DMP to LightBox. We believe with the right intelligence, workflow software, industry data and analytics, the real estate decision-making process can be exponentially improved,” said Eric Frank, Chief Executive Officer of LightBox. “We’re partnering with our clients to connect key segments of the ecosystem – banks, brokers, environmental firms, land developers, builders, appraisers, buyers and more – to the right real estate technology, tools, information and to each other.”
Steve Shanahan, Executive Managing Director of RCM, added, “LightBox is the ideal platform for RCM’s clients and employees, as we continue to invest aggressively in the breadth and depth of our solutions. LightBox’s experience and relationships with various constituencies across the real estate technology landscape will only accelerate our strategy and product roadmap.”
Jim Skurzynski, Founder and CEO of DMP, commented, “We know from our long history of collaboration with EDR, a respected LightBox brand, that joining LightBox is a terrific opportunity to take DMP to the next level for clients and employees. As part of LightBox, DMP’s cloud-based location intelligence solutions like LandVision and our SpatialStream web service/API will play even more important roles in the real estate marketplace and beyond.”
LightBox CEO Eric Frank concluded, “Through significant organic investment and acquisitions, we’re combining respected brands, innovative technologies, and meaningful industry data to serve a blue-chip real estate client base. We’ll continue to evaluate future opportunities that will help us expand our ability to deliver much-needed transparency, efficiency, and insights for our clients.”
Terms of the transactions were not disclosed. RCM was backed by C-III Capital Partners, a real estate investment management and commercial property services company. DMP was backed by Silversmith Capital Partners, a Boston-based growth equity firm.
RCM was represented by investment bank GCA. DMP was represented by Raymond James & Associates. The RCM transaction has already closed. DMP is expected to close in the coming weeks, subject to certain customary conditions.
LightBox is a leading provider of due diligence, risk management, location intelligence, marketing and workflow solutions that enable decision making for 50,000 CRE brokers, 1,100 banks and lenders, 2,000 appraisal firms, and 5,000 environmental consulting and engineering firms, with more than $470 million in services awarded and almost 28 years serving the CRE lending industry. By combining proven brands with new core business capabilities, the company is creating new solutions to facilitate transparency, efficiency, and insight for real estate. Established in 2018 and backed by Silver Lake and Battery Ventures, the company’s brands now include EDR, RIMS, Collateral 360, Real Capital Markets and Digital Map Products. Learn more at www.lightboxre.com.
About Real Capital Markets
Real Capital Markets (RCM) is the global marketplace for buying and selling CRE. RCM increases the speed, exposure, and security of CRE sales through its streamlined online platform. Solutions include integrated property marketing, transaction management, and business intelligence tools to unify broker-level and firm-level data and workflows. RCM has executed over 65,000 assignments with total consideration in excess of $2.3 trillion. Approximately 50% of all U.S. commercial assets sold, over $10 million, are brought to market using RCM’s online marketplace annually. Learn more at www.rcm1.com.
About Digital Map Products
Digital Map Products (DMP), based in Irvine, Calif., is a leading provider of cloud-based location intelligence solutions helping more than 350,000 business and government users across North America to make confident, data-driven decisions. DMP’s Location Intelligence Platform offers map-based real estate applications including LandVision™, API access to mapping technology and location data via SpatialStream®, U.S. nationwide parcel and property data via SmartParcels®, and Canadian address points through CanMap®, and professional services offering consulting and GIS data services. Today, the company’s location intelligence platform is used by four out of the six top real estate websites, four out of the top five commercial brokerage firms, all 10 of the top home builder brands, more than 200 government agencies, and four of the largest gas and electric utility companies. DMP serves its customer base from offices in the United States and Canada. For more information, visit www.digmap.com.
About Silver Lake
Silver Lake is the global leader in technology investing, with over $43 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London, and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $210 billion of revenue annually and employs 370,000 people globally. For more information about Silver Lake and its entire portfolio, please visit www.silverlake.com.
About Battery Ventures
Battery strives to invest in cutting-edge, category-defining businesses in markets including software and services, Web infrastructure, consumer Internet, mobile and industrial technologies. Founded in 1983, the firm backs companies at stages ranging from seed to private equity and invests globally from offices in Boston, the San Francisco Bay Area, London, Israel, and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.
About C-III Capital Partners LLC
C-III Capital Partners LLC is a leading real estate investment management and commercial property services company engaged in a broad range of activities. C-III and its subsidiaries manage approximately $9.3 billion in funds and structured product vehicles that focus on commercial real estate equity and debt investments. As one of the largest special servicers of commercial mortgage-backed securities in the U.S., C-III utilizes its real estate expertise to resolve defaulted CMBS loans and has resolved $52.7 billion since inception. In addition, since its founding in 2010, C-III has originated $10.6 billion in commercial mortgages. Through U.S. Residential, its wholly-owned subsidiary, C-III manages over 20,000 multifamily units nationwide. With the NAI Global brand also owned by C-III, the company’s member firms have more than 375 offices worldwide, with over 7,000 professionals, with annual transaction volume over $20 billion. C-III is headquartered in Irving, TX, and has additional offices in New York, NY, Philadelphia, PA, Greenville, SC, and Nashville, TN.
About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $1.1 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing profitable technology and healthcare companies. The firm seeks to invest $15 million to $75 million per company. Representative investments include ActiveCampaign, Centauri Health Solutions, Digital Map Products, Impact, LifeStance Health, MediQuant, Nordic Consulting Partners, and Validity. The partners have over six decades of collective investing experience and have served on the boards of numerous successful growth companies including Ability Network, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Net Health, Passport Health, SurveyMonkey, and Yapstone. For more information, visit www.silversmithcapital.com.