[Note: This post first appeared earlier today at Minnov8.com, where I am a contributor.]
Minnesota mobile technology firm DoApp Inc. announced today it has sold its mobile real estate platform to publicly traded CoreLogic (NYSE: CLGX), a global property information, analytics, and data-enabled services provider based in Irvine, California. Seven DoApp employees, 40% of its workforce (which is based in both Rochester MN and the Twin Cities area), are now CoreLogic employees — including Dave Borrillo, previously DoApp’s COO, now a VP of mobile technology at CoreLogic. None of the employees has to relocate. Other terms of the deal were not announced.
The DoApp-developed mobile real-estate platform has been the technology foundation for the CoreLogic “GoMLS” app. GoMLS gives real estate agents and consumers access to in-depth listing and property data using their mobile devices. DoApp said the GoMLS app has been downloaded by homebuyers and sellers over 400,000 times to date.
DoApp’s management team: Wade Beavers, CEO (left), Dave Borrillo, COO (right), and Joe Sriver, Founder (foreground).
In an interview today with Wade Beavers, CEO of DoApp, I learned that the all-cash transaction actually closed October 31, but DoApp waited until today to release the news. In a November 6 press release, CoreLogic mentioned “the GoMLS development team has transitioned to CoreLogic,” without specifically saying this team was made up of DoApp employees, but CoreLogic has not yet otherwise announced the acquisition transaction as of today.
Since its founding in 2008 by Joe Sriver (an early Google employee), DoApp’s mobile technology offerings, in addition to real estate, have been in publishing and advertising. These platforms have encompassed responsive-designed web sites as well as applications for all major mobile operating systems. Beavers said DoApp’s content publishing and advertising platforms will now be the major focus for the company. Its products based on these platforms already have more than 220 clients across multiple industries such as broadcast, newspaper, professional sports, and government. DoApp will also be releasing a self-publishing solution called Readful, which Beavers said will simplify content creation, discovery, and promotion with mobile devices.
Beavers said this transaction will allow DoApp to position its business for further growth, without having to seek a venture capital infusion. He said the company has become cash-flow positive and profitable without taking on outside equity investors. You can read Minnov8’s considerable previous coverage of DoApp here, going back to 2010.
CoreLogic reported third quarter results on October 22 that included a 3% increase in revenue to $367.5 million fueled by 23% growth in data and analytics. Operating income from continuing operations increased 27% to $77.8 million, and net income from continuing operations was up 15% to $49.7 million.
[Disclosure: DoApp is one of the companies in my client equity portfolio. I helped launch the firm in 2008, serving as its VP Marketing.]