Developing a scalable technology architecture to transform a real estate marketplace
We partnered with Auction.com to help the company improve its product and technology platform.
The Opportunity
Auction.com is a leading real estate transaction platform focused on residential bank-owned properties in the United States. Through its transaction platform and extensive national network of buyers, Auction.com helps enable the buying and selling of properties with unprecedented flexibility, control and ease. As a leader in an increasingly critical investment asset class, the company had an opportunity to improve operations and accelerate growth.
The Challenge
When our partnership began, Auction.com already enjoyed a strong market position. Roughly 85% of the U.S. mortgage servicing market sold properties on the Auction.com platform, making it a critical component of the industry’s infrastructure. But there was an opportunity for the company to increase investment in its technology platform and better service its buyers and sellers.
The Results
We worked closely with Auction.com to build out and re-platform its technology architecture, as well as reduce annual IT operating expenses.
Greater efficiency
By reducing annual IT operating expenses by approximately 50%, Auction.com was able to refocus resources and increase investment in its digital marketplace platform.
Core business focus
During the period of its partnership with THL, Auction.com modernized its secure, cloud-based technology and product platform.
For a list of all portfolio company investments made by THL since its inception, please click here.