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Venture Capital Startups

SoftBank-Backed Compass on M&A Spree of Old-School Real Estate Brokerages

The SoftBank money that’s washed over the tech industry also is funding a significant consolidation among local real estate brokerages by one of its portfolio companies, Compass. On Tuesday Compass bought San Francisco firm Pacific Union, the fifth-largest residential real estate firm in the country just weeks after buying another prominent local firm, Paragon, according to the San Francisco Chronicle. Compass, valued on paper at $2.2 billion, has bought nine brokerage firms this year in the U.S., according to the Real Deal.

Compass, which has said it pulled in more than $350 million in revenue last year, still has to convince plenty of skeptics. One of the questions it faces is whether whether its fundraising and M&A growth will translate into a business with real tech value.

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