Carrier Global Corporation, a provider of healthy, safe, sustainable and intelligent building and cold chain solutions, has signed an agreement to acquire BrokerBay, a software company focused on the development of an advanced, streamlined and user-friendly real estate management cloud ecosystem. The software’s ability to reduce a brokerage's administrative workload, streamline the real estate scheduling and showing experience, as well as standardize electronic lockbox access, will strengthen Carrier's access solutions offering within its Fire & Security business.
“The acquisition of BrokerBay delivers on Carrier’s long-standing commitment to growth and innovation,” said Jurgen Timperman, president, Carrier Fire & Security. “Our Supra real estate lockbox management and mobile credentialing business paired with BrokerBay’s capabilities to deliver advanced digital solutions will improve efficiencies for North American real estate agents, while also driving our strategy of increasing recurring revenue through enhanced services.”
Supra, part of Fire & Security's Access Solutions business, has been serving the real estate industry for over 60 years, with key mobile credentialing technology deployed across an installed base of 4 million locking devices in multiple industries. Supra is a market leader in supporting real estate showings and enabled 45 million property showings in 2020.
Following closing, which is expected in October, BrokerBay and Supra will provide a one-stop shop for realtors that combines scheduling and mobile lockbox access in an intuitive, user-friendly showing experience to empower agents, reduce workload and provide actionable analytics.
“With increasingly high volumes in real estate showings, there is a need for agents to act with speed and efficiency,” said Jeffrey Stanek, Managing Director, Global Access Solutions, Carrier Fire & Security. “This acquisition will further ensure they have the best solutions available to succeed.”
“We're excited to join Carrier as we share a strong commitment to the real estate community,” said Costa Ntoukas, CEO, BrokerBay. “BrokerBay will continue delivering best-in-class solutions and integrations to all real estate agents, including Supra customers. We also look forward to joining forces in revolutionizing digital services that exceed our customers’ expectations.”
The acquisition aligns with Carrier’s stated business development approach of strategic acquisitions in digital and aftermarket that will drive recurring revenue for the company.
The terms of the transaction were not disclosed.