Updated on Sept 11, 2023
The original blog post, which published on August 10, 2023, announced Zillow Group entered into an agreement to acquire Spruce. This blog post was updated following the successful close of the acquisition.
As part of its mission to help more people get home, Zillow Group has completed its acquisition of Spruce, a tech-enabled title and escrow company. Making it easier for people to move requires improvements across the real estate transaction – including the critical closing process. Over time, Zillow Group and Spruce will build a digital-powered closing services offering for Zillow customers.
This acquisition is driven by the expertise and skill the Spruce team has when it comes to creating solutions for faster and effortless real estate transactions – something the team has proven throughout their history by servicing some high volume clients across the real estate landscape. When the Spruce team joins Zillow Group after the closing of this acquisition, the two teams will work together to create this new customer-facing offering.
“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,” said Matt Daimler, Zillow senior vice president of product. “With Spruce, Zillow is building a tech-forward, high volume title company for the future.”
Zillow and Spruce will power a modern closing experience
Founded in 2016, Spruce built technology and operations to power title insurance, coordination, escrow, and recording services nationwide for some of the most innovative real estate companies. Pairing its proprietary software with a team of seasoned experts, Spruce emerged as a leader within the title and closing ecosystem, offering a seamless end-to-end experience for its clients.
“Real estate transactions often fall short of buyer and seller expectations,” said Spruce CEO and co-founder, Patrick Burns. “Like Zillow, Spruce is driven by the vision of offering an amazing transaction experience to buyers and sellers. We’re excited to join Zillow in the ambitious mission to create the best closing solution for the modern home-buying process.”
Building a new closing service to integrate into Zillow’s housing super app
It will take time to develop and eventually roll out a new closing solution for Zillow customers, but we expect it to be a key component of Zillow’s housing super app, which will connect all the fragmented pieces of moving into one streamlined transaction. Previously Zillow announced it is sunsetting their existing closing services division in favor of exploring a more tech-forward solution. The acquisition is a strategic move in Zillow’s efforts to steadily roll out products and services to create a seamless end-to-end home-buying experience for customers and partners.
For more information about Spruce, visit spruce.co.
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