Boston Logic gets big investor
I’ve been traveling so I’m catching up on some stories I thought deserved attention. Here’s one of them…
“Boston Logic (http://www.bostonlogic.com), a software-as-a-service (Saas) technology platform that powers enterprise and boutique leading real estate brokerages nationwide, today announced it has received a significant growth investment from Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners, a leading global private equity firm with $47 billion in assets under management. Boston Logic will use the investment to accelerate its ability to provide its real estate customers with technologies that help their businesses succeed.”
Providence is no joke. They own Hulu, Ironman, Top Golf, and CDW. This is a big player entering our space.
I had a chance to talk to Boston Logic’s CEO David Friedman yesterday. While he wouldn’t give me the exact amount Providence Strategic Growth (PSFG) invested, he did make a couple comments.
“There are literally 100s of software companies focussed on the real estate vertical. Most of them are small, with less than $5MM in annual revenue. We see an opportunity to be a dominant enterprise in a fragmented market. This vertical is enormous. We see opportunities every day. We vet lots of them and focus on a few. With PSG’s help, we’ll be able to seize many more of these and grow even faster”
As I see it Berkshire Hathaway, Vista Equity, Newscorp, and now Providence have all noticed this space and put their money on the table. Gotta wonder what other deals may be announced. NAR Annual always has some surprises.