M&A advisory for PropTech companies
PropTech M&A has been through a sharp adjustment since 2021. iBuying and balance-sheet-heavy models have largely exited as acquisition targets, valuations have reset, and recent deal activity has concentrated on profitable software, payments and resident-services operators. The strategics - real-estate majors, large managers, insurers, brokerages - and the PE platforms have stayed active where unit economics work and disappeared where they don't.
The strategic buyer set includes CBRE, JLL and Cushman & Wakefield on the commercial real-estate side, Realogy in residential brokerage, and ICE Mortgage Technology in mortgage and title software. PE-backed property management, resident services and brokerage technology platforms have been consistent acquirers in the mid-market. Flow has direct access to corporate development at the named strategics and to the sponsor platforms most active in the category.
Flow team has relevant sector experience and has worked with proptech companies across property management software, residential and commercial brokerage technology, mortgage and title platforms, real-estate construction and project management, and resident services and lease-tech.
"PropTech" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing PropTech M&A targets
Doors / units under management
Software ARR
Payments / ancillary attach
Net revenue retention
Gross retention
Gross margin (software vs payments)
Take rate on payments
Transactions facilitated
CAC payback
Active properties / customers
PropTech valuations in May 2026
Public PropTech comps trade at 2.5x EV/Revenue. Median revenue multiple across PropTech M&A deals was 3.0x in the last 12 months.
2.5x
Median EV/Revenue as of May 2026 for public PropTech companies
9.0x
Rocket Companies is the highest valued public PropTech company based on EV/Revenue (excluding outliers)
3.0x
Median EV/Revenue across PropTech M&A deals in the last 12 months
14x
Median EV/Revenue across PropTech VC rounds in the last 12 months
Key recent PropTech M&A deals
$1.2B acquisition of Information Services Corporation by Plenary Americas was the largest PropTech M&A transaction completed in the last year.
See all PropTech M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
May-26 | Information Services Corporation |  | Information Services Corp is a Canada-based provider of registry and information management services for public data and records. The company has three segments namely Registry Operations, Services and Technology Solutions. The Registries segment involves the provision of registry and information services and solutions to governments and private sector organizations. The Services segment provides products and services that utilize public records and data to provide value to customers in the financial and legal sectors. Technology Solutions provides the development, delivery and support of registry (and related) technology solutions. The company derives maximum revenue from Registry Operations segment. | Plenary Americas | $1.2B | 6.4x | |
Jul-25 | Cogelec |  | Cogelec is a provider of wireless intercom and access control systems for multi-family housing, service sectors, and public authorities in France. The Guipavas-headquartered manufacturer distributes under its own brands like Cyvia and Siedle integrations, featuring IP-based video entry and keyless entry for buildings up to 500 apartments. Its solutions secure over 100,000 installations annually across metropolitan and overseas territories. | Legrand | $457M | 5.7x | |
Sep-25 | fotocasa |  | fotocasa is a Barcelona-based online real estate portal operating in Spain since 2000. It lists over two million properties including flats, houses, offices, garages, and land for sale or rent. Acquired by Schibsted in 2007 and later Adevinta, fotocasa serves 20 million monthly users with search filters, virtual tours, and mortgage calculators. The platform covers all Spanish provinces with mobile apps. | Scout24 | $178M | 2.6x | |
Sep-25 | Habitaclia | | Habitaclia is a Mataró-based online real estate portal covering Catalonia, Balearic Islands, Valencia, and Andorra with over 200,000 property listings for rentals and sales. It offers search tools, market insights, and decision-support features for homebuyers. | Scout24 | $165M | 2.5x | |
Nov-25 | June Homes |  | June Homes is a technology platform that operates flexible living spaces for mid-term rentals in major U.S. cities including New York, Los Angeles, and Chicago. It manages over 10,000 furnished apartments equipped with smart home features like keyless entry and high-speed Wi-Fi. The company serves remote workers, traveling professionals, and digital nomads by offering lease terms from one to twelve months with all-inclusive utilities and maintenance. June Homes partners with property owners to optimize occupancy rates and has expanded to 20 markets since its founding in 2017. | Outpost Club | $100M | 1.9x | |
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 | |
Apr-26 | Roombox |  | Roombox is a Japanese digital marketing company for real estate that runs the proprietary media brand Naiken Joshi to generate and nurture leads for housing and real estate firms. | f-code | $63M | - | |
Sep-25 | CommLoan | | CommLoan is a commercial mortgage lending platform headquartered in Irvine, California, connecting borrowers with over 50 lenders offering products like bridge loans, construction financing, and permanent mortgages. The platform facilitates comparisons of terms from banks including Chase and Wells Fargo for properties across the United States. | Chain Bridge I | $50M | - | |
Aug-25 | MadeComfy |  | MadeComfy is a Melbourne-headquartered platform managing short-term rentals for property owners and guests worldwide. The service oversees listings in Australia, New Zealand, and Southeast Asia, winning awards including Shortyz in 2020 and 2021, Startcon Best Startup 2018, and AFR BOSS recognition in 2022. MadeComfy standardizes experiences with professional cleaning, guest support, and revenue optimization tools. | OYO | $50M | 2.9x | |
May-25 | MadeComfy | | MadeComfy is a Melbourne-headquartered platform managing short-term rentals for property owners and guests worldwide. The service oversees listings in Australia, New Zealand, and Southeast Asia, winning awards including Shortyz in 2020 and 2021, Startcon Best Startup 2018, and AFR BOSS recognition in 2022. MadeComfy standardizes experiences with professional cleaning, guest support, and revenue optimization tools. | Belvilla | $50M | 5.2x | |
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 | |
Oct-25 | Seniorly | | Seniorly is a San Francisco-headquartered platform that matches families with senior living communities across the United States. It utilizes machine learning algorithms to recommend options from 15,000 communities based on care needs, location preferences, and budget. A network of 300 local advisors provides virtual tours and consultations. Founded in 2014, Seniorly also operates a marketplace for related services like home care and legal aid, serving communities in 48 states. | CareScout | $15M | 3.0x | |
Jul-25 | PropTiger |  | PropTiger is a National Capital Region-headquartered real estate platform assisting residential property transactions across eight Indian cities including Noida, Gurgaon, Mumbai, Pune, Bangalore, Chennai, Kolkata, and Ahmedabad. Its experts guide buyers from option shortlisting through paperwork completion with full transparency. | Aurum Proptech | $10M | 10x |
Most active buyers of PropTech companies
Zillow, Scout24 and REA Group are the most active acquirers of PropTech companies in the last three years.
See all PropTech 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+2 | 5 | |
Scout24 |  | Scout24 SE is a German digital company that operates a digital marketplace, ImmoScout24, for residential and business real estate. In addition, it offers software solutions for real estate valuations to banks and the real estate sector. Through ImmoScout24, the company is engaged in developing new products and building a digital ecosystem for rentals, purchases, and commercial real estate in Germany and Austria. It has different brands offering digital services in the real estate industry, such as FlowFact, Vermietet.de, Immoverkauf24, Propstack, BauFi, and others. Its operating segments are Professional, which generates maximum revenue by offering digital real estate products to its professional clients, and Private. Geographically, the group derives its key revenue from Germany. | fotocasaHabitacliaImmounited+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 | |
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 | 3 | |
Mews |  | Mews is a cloud-native property management system for hotels, hostels, and serviced apartments serving over 5,000 properties in 85 countries. It automates reservations, payments, and housekeeping via open APIs with 1,000-plus integrations including Stripe and Google. Amsterdam-headquartered Mews won Best PMS at the 2024 HotelTechAwards. Founded in 2013 by hoteliers, it processes millions in bookings monthly across five continents. | AtomizeHS/3 HotelsoftwareFrontdesk Anywhere+2 | 3 | |
CoStar Group | | CoStar Group is a leading provider of commercial real estate data and marketplace listing platforms. Its data offering contains in-depth analytical information on over 5 million commercial real estate properties related to various subsectors spanning office, retail, hotels, multifamily, healthcare, industrial, self-storage, and data centers. It operates many well-respected brands such as CoStar Suite, LoopNet, Apartments.com, BizBuySell, and Lands of America, with more than 80% of its revenue classified as subscription-based. The company recently expanded its presence into Canada, the United Kingdom, Spain, and France. | Domain GroupMatterportOnTheMarket+1 | 3 | |
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 | |
PropStream | | PropStream is a US-headquartered provider of real estate data analytics software serving investors, agents, and brokers with nationwide property intelligence including ownership details, foreclosure lists, comparable sales, and marketing automation tools. The cloud-based platform aggregates MLS data, public records, and satellite imagery to support lead generation, comps analysis, and investment decisions across residential markets. | Batch DialerBatchLeads | 2 | |
Alma Media |  | Alma Media Oyj is a media and service company focusing on digital services and publishing. In addition to news content, the Group's products provide useful information related to lifestyle, career, and business development. The business segments include Alma Career, Alma Marketplaces, and Alma News Media. It generates maximum revenue from the Alma Career segment. The group's business is mainly divided into two geographical areas, Finland from where it earns the majority of its revenue, and the rest of Europe. | Climatrix.earthEffortiaEdilex Lakitieto | 2 | |
eFM |  | eFM is a South Korea-based firm delivering integrated management, IT, equipment, and engineering services for the digitization of real estate properties. | Applied Data SystemsHorizantPROCOS Group | 2 |
Founders and investors we've worked with
We've supported winning builders across PropTech and beyond.
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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Element
We provided buy-side commercial due diligence to Element Materials Technology, a London-headquartered global TIC services provider, on a series of potential add-on acquisitions in the testing, inspection and certification space.
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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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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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