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The multiple listing service (MLS) owners of real estate software company Remine are moving to sell the firm.
MLS Technology Holdings (MLSTH), a joint venture of four MLS organizations with nearly 150,000 members, initiated an alternative to bankruptcy earlier this month to facilitate the sale of Remine’s assets, according to legal filings first reported by Inman.
The four MLSs that make up MLSTH; Austin Board of Realtors’ Unlock MLS, First MLS, Miami Realtors’ MLS, and Heartland MLS, acquired Remine in October 2021 for $53.5 million.
The proceeding has been classified as an assignment for the benefit of creditors (ABC).
“An ABC proceeding is the most efficient and responsible path forward for Remine,” Unlock MLS told Inman in a statement. “It provides a structured pathway to transition Remine’s assets while creating the best opportunity for an acquisition.”
Founded in 2015, Remine faced financial instability, workforce reductions, and controversy over its use of MLS data. When MLSTH acquired the company, it had about 60 employees and serviced nearly 60 Realtor associations and MLSs representing 1.2 million professionals. Those numbers have since dropped to more than 40 MLSs and 600,000 real estate professionals, Inman said.
MLSTH’s ABC petition indicates that Remine has never turned a profit.
“Since that time, Remine’s revenue has decreased by over 25 percent due to customer attrition, and cost cuts have not made up for the revenue loss,” the filing states.
The petition also cites the loss of major MLS clients, including California Regional MLS (CRMLS), Bright MLS, and Stellar MLS, which together serve 292,000 subscribers.
