Property valuation platform HouseCanary has acquired Dropmodel, an analytics and financial modelling solution developer, for an undisclosed amount.
As part of the agreement, Dropmodel co-founder Tom Blake will join HouseCanary as vice president.
This deal marks HouseCanary’s first acquisition and comes just months after it secured a $65m Series C round.
Dropmodel is a web-based real estate modelling, analysis and presentation service which helps real estate investors input their data into an analytical model to improve their decision making.
By combining this technology with HouseCanary’s brokerage services, customers will be able to access new insights including determining acquisition parameters, creating discounted cash flow projections, and asset management decisions.
Dropmodel co-founder Tom Blake said, “HouseCanary’s acquisition of Dropmodel will support the company’s continued expansion into the investment side of the single-family residential industry.
“By integrating Dropmodel into our product roadmap, we’ll be able to leverage HouseCanary’s best-in-class data and valuation capabilities to unlock innovative solutions that drive better outcomes for our clients.â€
HouseCanary was founded in 2013, is powering more than $200m in real estate transactions each month and hopes to have supported $100bn in transactions by the end of the year. The FinTech leverages data analytics, machine learning, robotics, and SaaS technology to offer a real estate marketplace with ‘accurate’ property valuations.
HouseCanary co-founder and CEO Jeremy Sicklick said, “We are excited about our acquisition of Dropmodel and how it will enhance our product offerings.
“Dropmodel will add speed and clarity to our clients’ workflows to allow them to make investment and underwriting decisions faster and with more confidence. This is important today and, in the future, as our clients work with us to understand how market changes impact their business.â€
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