My thanks again to Remine for sponsoring Vendor Alley last month.
If you want to find out more about the new owners of Remine listen to my Listing Bits podcast where I interview Ben Kinney of Place.
And keep a watch out for a new podcast with Joe Kazzoun, CEO of Remine later this month where we will talk about where Remine is headed.
Thanks again to Remine.
My thanks again to Remine for sponsoring this month’s Vendor Alley.
Remine has a solid suite of tools to help MLS organizations as they bring on MLS-only subscribers. Remine Docs+ gives agents everything they need for online forms and e-signature, no clutter, no bloat, just a modern, intuitive platform that’s easy to learn and easy to use.
Reach out to their sales team and see what Remine can do for your organization.
Thanks again to Remine.
The latest Listing Bits episode in now available on your favorite podcast player!
In this episode, Greg Robertson sits down with Ben Kinney, CEO and co-founder of Place, to talk about Place’s acquisition of Remine, how Ben built his PropTech empire from the ground up, and what’s next for the platform. Ben shares his personal journey from growing up in rural Washington to building a half-billion-dollar business, and lays out his vision for supporting agents, MLSs, and consumers through technology, services, and long-term stability.
Key Takeaways
Links
Place.com https://place.com
Active Rain https://activerain.com
Mom’s “No Bake” Cookie recipe
1 stick of butter
2 c sugar
1/4 c cocoa powder
1/2 c milk
3 c oatmeal
1/2 c crunchy peanut butter
1 tsp vanilla
Stir butter, sugar, cocoa, milk in saucepan until boil. Boil at low for 2 mins. Remove from heat and add in oatmeal, peanut butter, vanilla.
WAV Group Interview: Meet Ben Kinney and Chris Suarez of Place – new owners of Remine –
Our Sponsors
Trackxi – Real Estate’s #1 Deal Tracking Software
Giant Steps Job Board – Where ORE gets hired
Production and editing services by:
Place buys Remine at auction for $1.5M in cash
“Real estate tech and agent services company Place is acquiring real estate software firm Remine for $1.5 million, all in cash — less than 3 percent of what four multiple listing services paid to buy the company 3.5 years ago.
The deal is expected to close in about 14 days, Place co-founder Ben Kinney told Inman exclusively Thursday.”
“Less than 3 percent…” — ooof.
Probably the best outcome for Remine, though. Ben Kinney is legit. Still, a long road ahead.”
The consolidation continues…
Mega MLSs are attempting to sell Remine — either whole or in parts
“The MLSs collectively paid $53.5 million to buy Remine. Remine is a wholly-owned subsidiary of MLS Technology Intermediate Holdings, which is a wholly-owned subsidiary of MLSTH.
According to legal filings, on February 19, MLSTH hired Rock Creek Ventures, a financial advisory firm that specializes in business restructuring, to run an eight-week sale process for Vienna,Virginia-based Remine under a proceeding known as an assignment for the benefit of the creditors or ABC.According to the American Bar Association, an ABC “is a business liquidation device available to an insolvent debtor as an alternative to formal bankruptcy proceedings”
Embarrassing. And it couldn’t come at a worse time.
Remine Shareholder Sues In Del. Over $53.5M MLS Merger
“The deal was supposed to give holders of Remine common stock 3 cents per share in cash and 61 cents of equity in the new company, according to the complaint. But shareholders were not paid directly; instead, their portion of the merger consideration was contributed to an operating fund of a company called RM Rollover Holdings LLC.
Law360
Spinetto, Remine’s chief operating officer, secretary and director, was given control of the operating fund after the merger, the complaint says.
Spinetto was given a new job post-closing and got a management bonus. The information statement said nothing about how many shares of common stock he owned, how much of his equity was rolled into the new company, his salary post-closing or the amount of his bonus, the complaint says.
Schacknies — who served as Remine’s president, CEO, chief financial officer and a director at the time of the sale — resigned from his role as CEO when the acquisition took place and got a severance package at closing, the complaint says.”
Shocking.
Rumor on the street is… yes. If so this means he only lasted 7 months. The story is developing….
Investors sue MLS-owned Remine, demand payment for shares
“Three shareholders of real estate software company Remine filed a lawsuit against the company Thursday following its acquisition by four multiple listing services.
The investors — Alexander Atwood, Brian de Schepper, and Jonathan Ferris — are demanding their shares be appraised and that Remine pay fair value for them.
What a shit show.
“Remine, a company that in its short history has been plagued by financial troubles, plunging personnel rolls, and a toxic work environment, is now a subsidiary of MLS Technology Holdings LLC, a joint venture owned by four MLSs, that acquired Remine in October 2021.”
Exactly what valuation would you give a company “plagued by financial troubles, plunging personnel rolls, and a toxic work environment“?
“Before its acquisition, Remine had more than 100 private investors and those shareholders rolled forward into MLS Technology Holdings, according to former Remine CEO Mark Schacknies.“
When do these other guys start popping out of the woodwork? And what if they are successful? Who pays them?
Via LinkedIn
“I’m very excited to start my journey with Howard Tager, juefeng ge and the entire Ylopo, LLC team!”
Jon Ferris, VP Business Development and Sales
Quite a journey at Remine. If memory serves Jon wasn’t a big fan of Vendor Alley.
????♂️ Can’t please everyone I guess…
Smart move.
