M&A advisory for real estate software companies
Real estate software M&A has been driven by consolidation of residential property management, commercial brokerage technology and the build-out of software-plus-financial-services models. PE platforms have been particularly active in residential and short-term rental, alongside strategic acquirers expanding payments and ancillary services across larger property bases.
PE platforms have been the most active buyers in residential property management and short-term rental, alongside strategic acquirers at the larger property management and commercial real estate technology groups expanding payments and ancillary services. Flow has direct access to the PropTech PE platforms and strategic acquirers that transact in this category.
Flow team has relevant sector experience and has worked with real estate software companies across residential and multi-family property management, commercial real estate and brokerage, short-term rental, construction and project management, and resident services and lease-tech.
"Real estate software" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing real estate software M&A targets
Subscription ARR
Doors / units under management
Payments revenue
Ancillary revenue
Payments penetration
Net retention
ARPU per door
Customer count
CAC payback
Software gross margin
Real estate software valuations in May 2026
Public real estate software comps trade at 2.4x EV/Revenue. Median revenue multiple across real estate software M&A deals was 2.8x in the last 12 months.
2.4x
Median EV/Revenue as of May 2026 for public real estate software companies
4.3x
CoStar Group is the highest valued public real estate software company based on EV/Revenue (excluding outliers)
2.8x
Median EV/Revenue across real estate software M&A deals in the last 12 months
5.2x
Median EV/Revenue across real estate software VC rounds in the last 12 months
Key recent real estate software M&A deals
$80M acquisition of Apsiyon by Aareon was the largest real estate software M&A transaction completed in the last year.
See all real estate software M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Nov-25 | Apsiyon |  | Apsiyon is an Istanbul-based cloud platform automating property management for residential buildings, gated communities, and mixed-use developments. The software covers financial accounting, CRM, tenant portals, maintenance tracking, and reporting across the full lifecycle. Launched in 2015, Apsiyon integrates with Turkish banks and government systems for over 4,000 managers. | Aareon | $80M | - | |
Dec-25 | ComunidadFeliz.com |  | - | Visma | $70M | 6.1x | |
Oct-25 | Planitar |  | Planitar is a Canadian developer of iGUIDE, a camera system combining laser measurements and 360-degree photography for indoor space documentation. The platform generates interactive floor plans, on-screen measurements, and virtual tours for real estate listings. Used by agents and photographers globally, it accelerates property mapping processes. | REA Group | $66M | 3.1x | |
May-25 | Goss Interactive |  | Goss Interactive is a UK-based digital platform developer powering websites for over 80 public sector organizations, Brittany Ferries, and Berkeley Group. Specializing in self-service technologies, its content management systems handle forms, transactions, and integrations for local governments, travel firms, and financial services. The Reading-headquartered company delivers responsive platforms supporting end-to-end citizen services on desktops, tablets, and mobiles. | AdvancedAdvT | $17M | 2.4x | |
Dec-25 | Wobby |  | - | HCLSoftware | $5.3M | 0.6x | |
Feb-26 | Renthentic | | Renthentic is a San Diego-headquartered proptech company founded in 2023, providing verification and anti-fraud infrastructure to foster transparency in rental housing transactions through identity validation and proof-based trust systems. | Zillow | $3.4M | - | |
Dec-25 | LiveBy | | LiveBy is a Lincoln, Nebraska-headquartered provider of hyperlocal neighborhood content for real estate professionals. Founded in 2015, it matches homebuyers to communities through data on schools, parks, dining options, and commute times. Its tools embed dynamic neighborhood profiles into agent websites, boosting lead nurturing via targeted email campaigns and local market reports. LiveBy partners with brokerages like Keller Williams and Compass to accelerate home sales with personalized location insights. | Move Concierge | $3.0M | - | |
Jul-25 | N | Nextbitt |  | - | Draycott | $2.0M | - |
May-26 | Restb.ai |  | Restb.ai is an Atlanta-headquartered artificial intelligence company analyzing property photos for real estate applications. The platform uses deep learning to tag images with features like room types, amenities, and conditions, aiding listing optimization and valuation models. Clients including Zillow and Redfin employ it to automate descriptions, ensure compliance by detecting watermarks, and enhance search relevance. Founded in 2016, Restb.ai processes millions of images monthly. | Clear Capital | - | - | |
Apr-26 | Trepp | | Trepp, LLC is a New York-headquartered analytics provider for commercial mortgage-backed securities, commercial real estate, and banking sectors since 1988. Wholly owned by Daily Mail and General Trust, Trepp delivers loan-level data, servicing surveillance, research reports, and trading platforms to over 1,000 clients including banks, REITs, and investors. The firm tracks $1 trillion in CMBS and CRE loans, offering tools for risk assessment, portfolio valuation, and market benchmarking. | Fitch Group | - | - | |
Apr-26 | Tjene | | Tjene is an IT consulting firm offering space optimization, facility management, lease accounting, business intelligence, and custom applications. Facility managers use its work planner app for work orders alongside interactive dashboards and reports for data visualization. | Deloitte Canada | - | - | |
Apr-26 | Spero | | Spero is a data and analytics company that develops AI-powered platforms for the built environment and property sector. The firm aggregates construction, building-performance, and energy data to produce insights for sustainable construction, efficient buildings, and distributed energy. | Westhill | - | - | |
Apr-26 | Comeen |  | Comeen is a hybrid workplace management platform automating office scheduling, hot desking, and visitor check-ins. Paris-headquartered Comeen integrates natively with Google Workspace, Microsoft Teams, Slack, and Meta Workplace for real-time room bookings across multiple buildings. Deployed by enterprises like Veolia, Sanofi, and Nubank since 2020, it synchronizes employee directories and supports deployments for thousands of users in Europe and Latin America. | LumApps | - | - | |
Apr-26 | Artur'In | | Artur'In is a platform deploying AI-driven digital marketing for real estate professionals. It automates social media strategies, blog content, and lead generation with support from customer success managers. The service customizes campaigns for property listings and client engagement. Based in France, Artur'In focuses on personalized automation for agencies worldwide. | Solocal | - | - | |
Apr-26 | Casando Agency |  | Casando Agency is an Italian proptech firm that performs property valuations and uses AI processes to handle real estate buying and selling. | Casavo | - | - |
Most active buyers of real estate software companies
Zillow, REA Group and RealPage are the most active acquirers of real estate software companies in the last three years.
See all real estate software acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Zillow | | Zillow Group Inc is a real estate technology company offering a digital platform that connects real estate customers with sellers, agents, loan officers, and other real estate-related professionals. With its tools and resources, Zillow helps real estate professionals grow their businesses, and for renters and housing providers, it offers a marketplace along with a set of end-to-end products and services to streamline applications, leases, payments, and more. The group operates various brands such as Zillow, Zillow Home Loans, Zillow Rentals, Zillow New Construction, Trulia, StreetEasy, Out East, HotPads, Follow Up Boss, ShowingTime, dotloop, and Zillow Closing. Its ecosystem spans the entire home journey from shopping to renting, buying, selling, and financing real estate. | RenthenticVirtual Staging AIFollow Up Boss+1 | 4 | |
REA Group |  | REA Group is a technology company operating in the real estate sector. REA Group’s primary business is an online listings platform for residential real estate, www.realestate.com.au, which is the largest residential real estate listings platform in Australia, at around 4 times the size of number two, www.domain.com.au. REA Group is majority-owned by News Corp. REA Group’s other businesses include adjacent markets and services, and investments in online listings platforms in India. | NeighbourlyticsPlanitarRealtair | 3 | |
RealPage | | RealPage is a Carrollton, Texas-headquartered provider of property management software for 30 million U.S. apartment units. Platforms include OneSite for leasing and accounting, YieldStar for revenue management, and CrossFire for lead tracking. RealPage offers utility billing via Velocity, online leasing through LeasingDesk, and resident portals with StarFire. Founded in 1995, the company integrates data across 19,000 properties daily for operators like Greystar. | RexeraLivbleKnock | 2 | |
Nodalview | | Nodalview is a real estate marketing platform enabling agents to produce high-resolution photos, 360-degree virtual tours, videos, and 2D floor plans using smartphones. Founded in 2016 and headquartered in Brussels, Belgium, it serves over 20,000 professionals in more than 30 countries across Europe and North America. The AI-enhanced tools boost online listing visibility for residential and commercial properties. | ProperShotFlaash | 2 | |
L | LPT Aperture Holdings | LPT Aperture Holdings serves as the parent entity overseeing LPT Realty, Aperture Global Real Estate, and Listing Power Tools. | Humaniz.ioReside Platform | 2 | |
Zonda | | Zonda is an Oakland-headquartered provider of real-time housing market analytics for homebuilders and multifamily developers. Acquired by MetaProp in 2022, its platforms deliver lot supply data, absorption rates, and pricing forecasts covering 400 U.S. markets. Clients include Lennar and D.R. Horton, using tools like Blueprint for land acquisition planning. | EliantBuilders Digital ExperienceLivabl | 2 | |
MRI Software | | MRI Software is a Solon, Ohio-headquartered provider of real estate management software for commercial and residential properties worldwide. The platform supports property accounting, leasing, investment analytics, and asset management through cloud-hosted solutions. Founded in 1971, it serves owners, investors, and managers in 50 countries with integrations to systems like Yardi and RealPage via its open ecosystem. | Proptech LabsLoci SolutionsAnacle Systems+1 | 2 | |
Main Capital Partners |  | Main Capital Partners is an Amsterdam-headquartered private equity firm exclusively investing in enterprise software companies across Benelux, DACH, and Nordics regions. It pursues buy-and-build strategies in SaaS, cloud, and vertical market software, partnering with management for operational scaling. | XitresUnik System DesignAgenium.ai+2 | 2 | |
Immowelt AG |  | Immowelt AG is a Hamburg-based online real estate portal drawing millions of monthly visitors in Germany. The company enables searches for apartments, houses, and commercial properties with detailed filters for location, size, and price, alongside tools for valuations and broker connections. | Kaufpreis AufteilungNutzungsDauerBauLoan24 | 2 | |
Schneider Geospatial | | - | Systems Development GroupSpatialestBruce Harris & Associates+1 | 2 |
Founders and investors we've worked with
We've supported winning builders across real estate software and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
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Digital Asset Management Software Provider
We provided buy-side advice to Byron Capital Partners on its acquisition of a leading European digital asset management (DAM) software platform.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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