Zillow to Acquire Spruce, Tech-Enabled Title and Escrow Company

August 21, 2023
Share this Post: 

The U.S. real estate portal company Zillow has announced that it has entered an agreement to acquire Spruce, a tech-enabled title and escrow company.

The move aims to address the challenges in the real estate transaction process, particularly the critical closing stage.

Zillow and Spruce envision collaborating to develop a digital-powered closing services offering for Zillow's customers which will be an integral part of Zillow's much-talked-about 'housing super app'.

Matt Daimler, Zillow's Senior Vice President of Product, expressed the ambition behind the acquisition:

"Title should never be a blocker to a great transaction and our goal is for our customers to see and feel how much better the real estate transaction can be when they work with Zillow… With Spruce, Zillow is building a tech-forward, high volume title company for the future."

Spruce, founded in 2016, is described in a press release as a leader in the title and closing ecosystem. It leverages proprietary software and a seasoned team to provide end-to-end experiences for clients. Its technology and operations have power title insurance, coordination, escrow, and recording services for real estate companies.

Spruce CEO and co-founder Patrick Burns shared his perspective on the acquisition:

"Real estate transactions often fall short of buyer and seller expectations… We’re excited to join Zillow in the ambitious mission to create the best closing solution for the modern home-buying process."

The Spruce acquisition comes hot on the heels of Zillow's decision to shutter its Title and Escrow business division with the loss of 80 jobs. Zillow said at the time that it believed that Title and Escrow was still "a critical component" of its core strategy and now, in Spruce, it seems to have been able to find the "integrated product" that its customers needed.

August 21, 2023
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Shutterstock 569669149
MLS Backed U.S. Portal Nestfully Adds Key Florida Partnerships

The U.S. real estate portal Nestfully has added listings from two of Florida's largest MLSs, BeachesMLS and Miami Realtors SEFMLS....

Read More
Shutterstock 83040667
Mexican Portal Propiedades.com Releases Products to Help Agents Digitize More Inventory

The Mexican real estate portal Propiedades.com has released a suite of products to encourage more agents and sellers to list...

Read More
Product Roundup: OneDome, Realestate.co.nz, OnTheMarket, Otodom, Xinyi, SeLoger

It has been quite some time since we shared a set of product launches from around the industry. From improved...

Read More
Prosus Boardroom
Prosus Hires Interim CEO 24Hrs After Incumbent Resigns

On Monday, Naspers and its international unit Prosus announced the sudden resignation of CEO Bob van Dijk, who left his...

Read More

Editor's Pick