The firing of the entire board of Colorado’s largest real estate listing platform REcolorado, following a disagreement over a potential sale, has sparked controversy. Amidst the turmoil, Ohio-based real estate software company MRI Software has expressed interest in acquiring the MLS. In a letter obtained by The Denver Gazette, MRI Software’s president John Ensign confirmed the company’s interest in buying REcolorado. The company submitted an Indication of Interest to the parent companies of REcolorado, but the details of the offer were not disclosed.
DMAR and SMDRA, the parent companies of REcolorado, acknowledged receiving an unsolicited initial interest from MRI Software, but details of the offer are currently confidential. The associations faced backlash from their members following the firing of the board and the decision to sell. Realtors expressed concerns about the intentions of the potential buyer and the secrecy surrounding the sale.
MRI Software, which already has apps integrated into REcolorado, sees the acquisition as a way to secure the MLS’s future and protect the company. The company also acquired Denver-based company eGent earlier in the year. MRI Software aims to continue developing products on the software and help Realtors maximize profits.
The proposed acquisition by MRI Software aims to ensure the future of REcolorado while improving its MLS and contract platforms. The situation is ongoing, with further updates expected as negotiations progress within the constraints of confidentiality agreements.
Source
Photo credit denvergazette.com