NEW YORK - 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. 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 http://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 work flows. 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 http://www.rcm1.com.