US: AI-powered real estate technology and investment company, reAlpha, has entered into a definitive agreement to buy Naamche, a technology firm focused on developing AI-powered solutions for large industries, including real estate.
The strategic acquisition will accelerate reAlpha’s long-term plan to become a leading AI solutions provider for the real estate industry, as well as bring data science, custom AI / ML technologies and cross-platform development expertise to its existing technology stack.
The acquisition will provide reAlpha with a team of 25 software engineers, developers, UX designers and creatives to conceive, design and implement custom digital products to meet the demand for AI-based real estate technologies. It will also expand reAlpha’s product portfolio and bolster its research and development program.
reAlpha CEO Giri Devanur said: “With the digitisation of the global real estate market accelerating at an unprecedented pace, we believe the intersection of real estate and technology has never been more critical. We are excited to bring the company’s experienced leadership, unique capabilities and mutual desire to help lead the real estate industry’s technological revolution.
“This transaction aligns with our strategy to methodically build and scale an enterprise with best-in-class AI-powered solutions,” he added.
Once the acquisition has been completed, Naamche founder and CEO, Ramesh Pathak, will continue to lead Naamche as president and will report to Devanur. Naamche will integrate into reAlpha’s larger operational framework.
Pathak said: “Naamche’s capabilities align with reAlpha’s vision to offer a broad spectrum of practical real estate-focused services and AI technologies to its global community. Joining forces with reAlpha’s formidable technology stack, wide distribution network, and access to talent will solidify our position in an increasingly competitive market.
“Together, we will be better positioned to build a future where real estate owners, investors and operators have the seamless and efficient digital experiences they need wherever they are,” added Pathak.
The acquisition consists of a purchase price that includes a combination of cash and equity, and is contingent upon jurisdictional and customary closing conditions, regulatory review and approval.
It also represents reAlpha’s first purchase since buying investment and tech firm, Rhove, in April, and completing its direct listing on the Nasdaq in October. reAlpha currently trades under the ticker symbol ‘AIRE’.
