HousingWireHousingWire
MoxiWorks, a Seattle-based real estate software company, has sold its back-office accounting platform, MoxiBalance, to Upfront, a financial services firm with a focus on the real estate industry.
Terms of the all-cash deal were not disclosed. The sale marks a strategic shift for MoxiWorks as it refocuses its business on sales and marketing tools for agents and brokerages.
“At MoxiWorks, our focus is to evolve from a leading legacy software provider into the go-to real estate sales and marketing platform, empowering agents to find, win and close more deals,” said Eric Elfman, CEO of MoxiWorks. “The sale of MoxiBalance aligns with our strategic transformation to provide innovative software solutions that adapt with the ever-changing needs of agents.”
MoxiBalance — which manages nearly $2 billion in real estate transaction volume for more than 150 brokerages, two franchises and 20,000 agents in the U.S. and Canada — will be rebranded as Vero.
Ishtyaq Ahmed, the platform’s general manager, will join Upfront as chief product officer. Ahmed previously led growth efforts for MoxiBalance, overseeing improvements to its user experience and expansion into the Canadian market.
“As the former head of MoxiBalance, I saw firsthand the potential with dedicated focus,” he said. “That’s why I’m thrilled to join forces with Upfront, a company built from the ground up to solve real financial pain for brokerages and agents.
“This isn’t just a new home for MoxiBalance; it’s the next chapter in building the financial infrastructure real estate has always needed.”
Upfront CEO Mukund Venkatakrishnan said the acquisition strengthens the company’s mission to deliver financial solutions tailored for real estate professionals.
“MoxiBalance is a great platform, and we are excited to add (Ahmed) and his 10 years of back-office experience to our team in this deal,” he said.
Pierre Calzadilla, Upfront’s co-founder and chief operations officer, said in a statement that “Vero and (Ahmed) perfectly align with our mission to bring modern financial services to the real estate industry. We will turn the back-office from a cost-center to a profit-center, while bringing agents new innovations to manage their commissions, taxes, investments and more.”
MoxiWorks and Upfront plan to maintain an ongoing partnership as the companies continue to integrate their solutions for shared customers. MoxiWorks said the transition will not disrupt services for current customers.
