The acquisition purchase price includes $400 million of initial cash consideration and up to $100 million in potential cash earnout.
“Follow Up Boss is beloved by agents across the industry, including many Zillow Premier Agent partners and ShowingTime+ clients. Zillow Group continues to invest in tech solutions to help agents deliver an increasingly seamless experience for our shared customers,” Susan Daimler, the president of Zillow, said in a statement. “Follow Up Boss has built the best CRM for agents and teams in the industry, and we look forward to supporting its continued success so agents can exceed the needs of today’s buyers and sellers.”
According to Zillow, Follow Up Boss will remain an independent brand and it will continue to build out a standalone product offering, meaning that Follow Up Boss clients do not have to engage with other Zillow Group platforms in order to access Follow Up Boss. The CRM system will also continue to support its ecosystem of third-party integration partners.
In addition, Zillow Group will also continue to support its third-party CRM integrations on the Zillow Premier Agentapp, giving Premier Agents a choice in CRM provider.
Follow Up Boss has approximately 100 full-time employees who will join Zillow Group once the acquisition closes, including co-founders Dan Corkill and Tom Markov, according to the announcement.
“We’re excited to have more resources to invest in new features and functionality while still delivering the great experience our clients enjoy today,” Corkill said in a statement. “Our mission remains the same — to serve top-performing real estate teams and agents by providing industry-leading technology to power their businesses.”
Zillow Group will announce its third-quarter 2023 earnings Wednesday evening.