Compass Buys San Francisco Brokerage Firm Paragon as Part of Bay Area Expansion
Compass develops a digital portal for buying, selling, and renting real estate, and was recently ranked sixth largest real estate group in the U.S. by the Real Trends website
New York-based real estate startup Compass announced on Monday it has acquired Paragon Real Estate Group, a San Francisco-based brokerage firm. Compass did not disclose the financial terms of the deal. In a statement, Compass said the deal is part of the company’s expansion efforts in the Bay Area, where Compass now employs a team of more than 500 agents. Last year, the company reported more than $4.5 billion in sales in that area.
Founded in 2012 by Israeli entrepreneur Ori Allon and Robert Reffkin, Compass develops a digital portal for buying, selling, and renting real estate. In December, the company raised $450 million at a $2.2 billion company valuation from Softbank Group Corporation’s Vision Fund, bringing its total funding to $775 million.
In a report published on the Real Trends website in March, Compass was ranked sixth largest real estate company in the U.S., with $14 billion in sales in 2017.