• Tech News
    • Games
    • Pc & Laptop
    • Mobile Tech
    • Ar & Vr
    • Security
  • Startup
    • Fintech
  • Reviews
  • How To
What's Hot

Elementor #32036

January 24, 2025

The Redmi Note 13 is a bigger downgrade compared to the 5G model than you might think

April 18, 2024

Xiaomi Redmi Watch 4 is a budget smartwatch with a premium look and feel

April 16, 2024
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Facebook Twitter Instagram Pinterest VKontakte
Behind The ScreenBehind The Screen
  • Tech News
    1. Games
    2. Pc & Laptop
    3. Mobile Tech
    4. Ar & Vr
    5. Security
    6. View All

    Bring Elden Ring to the table with the upcoming board game adaptation

    September 19, 2022

    ONI: Road to be the Mightiest Oni reveals its opening movie

    September 19, 2022

    GTA 6 images and footage allegedly leak

    September 19, 2022

    Wild west adventure Card Cowboy turns cards into weird and silly stories

    September 18, 2022

    7 Reasons Why You Should Study PHP Programming Language

    October 19, 2022

    Logitech MX Master 3S and MX Keys Combo for Business Gen 2 Review

    October 9, 2022

    Lenovo ThinkPad X1 Carbon Gen10 Review

    September 18, 2022

    Lenovo IdeaPad 5i Chromebook, 16-inch+120Hz

    September 3, 2022

    It’s 2023 and Spotify Still Can’t Say When AirPlay 2 Support Will Arrive

    April 4, 2023

    YouTube adds very convenient iPhone homescreen widgets

    October 15, 2022

    Google finishes iOS 16 Lock Screen widgets rollout w/ Maps

    October 14, 2022

    Is Apple actually turning iMessage into AIM or is this sketchy redesign rumor for laughs?

    October 14, 2022

    MeetKai launches AI-powered metaverse, starting with a billboard in Times Square

    August 10, 2022

    The DeanBeat: RP1 simulates putting 4,000 people together in a single metaverse plaza

    August 10, 2022

    Improving the customer experience with virtual and augmented reality

    August 10, 2022

    Why the metaverse won’t fall to Clubhouse’s fate

    August 10, 2022

    How Apple privacy changes have forced social media marketing to evolve

    October 16, 2022

    Microsoft Patch Tuesday October Fixed 85 Vulnerabilities – Latest Hacking News

    October 16, 2022

    Decentralization and KYC compliance: Critical concepts in sovereign policy

    October 15, 2022

    What Thoma Bravo’s latest acquisition reveals about identity management

    October 14, 2022

    What is a Service Robot? The vision of an intelligent service application is possible.

    November 7, 2022

    Tom Brady just chucked another Microsoft Surface tablet

    September 18, 2022

    The best AIO coolers for your PC in 2022

    September 18, 2022

    YC’s Michael Seibel clarifies some misconceptions about the accelerator • DailyTech

    September 18, 2022
  • Startup
    • Fintech
  • Reviews
  • How To
Behind The ScreenBehind The Screen
Home»Startup»Real estate giant Compass shuts down Modus, the Seattle-based title business it acquired in 2020 – Startup
Startup

Real estate giant Compass shuts down Modus, the Seattle-based title business it acquired in 2020 – Startup

July 10, 2022No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Real estate giant Compass shuts down Modus, the Seattle-based title business it acquired in 2020 – GeekWire
Share
Facebook Twitter LinkedIn Pinterest Email
From left: Modus CEO Alexander Day; co-founder Jai Sim; and Abbas Guvenilir. (Modus Picture)

Actual property brokerage Compass is shutting down its Modus title enterprise as a part of cost-cutting strikes the New York Metropolis firm made this week.

Modus was a Seattle startup that automated the title and escrow section of closing on a house. Compass acquired the corporate and greater than 60 workers in 2020.

Compass additionally introduced that it was shedding about 450 individuals, about 10% of its workforce.

The cuts come amid a cooling U.S. housing market pushed by elevated mortgage charges. Redfin, one other tech-fueled actual property brokerage, additionally introduced layoffs this week.

In a regulatory submitting, Compass mentioned it can proceed to supply title and escrow companies.

“The Strategic Actions are a part of a broader plan by the Firm to take significant actions to enhance the alignment between the Firm’s organizational construction and its long-term enterprise technique, drive price efficiencies enabled by the Firm’s expertise and different aggressive benefits, and proceed to drive towards profitability and constructive free money circulate,” the submitting famous.

Based in 2018, Modus had raised $14 million from backers together with NFX, Felicis Ventures, Liquid 2 Ventures, and others.

The corporate was led by CEO and co-founder Alex Day; Chairman Jai Sim; and Abbas Guvenilir. Day and Sim beforehand labored at lunch supply firm Peach; Guvenilir spent almost six years at ServiceNow earlier than teaming up with Day and Sim.

Day advised Startup that the choice to close down Modus “was definitely shocking and difficult for our colleagues and prospects.”

“Nonetheless, the outpouring we obtained from our actual property agent purchasers was deeply particular and reminded everybody at Modus that we constructed an industry-changing firm from nothing in just a few quick years,” he mentioned in a press release. “Whereas this journey is winding down for us all, everybody’s accomplishments are endlessly.”

See also  Moonstone Bank, the Washington state bank with ties to FTX, will wind down crypto operations – Startup

A Compass spokesperson shared this assertion: “We’re grateful to the Modus group for his or her dedication to offering the very best service to their prospects. We proceed to champion entrepreneurs in our {industry} and need Alex and Jai all the perfect of their future endeavors.” 

Compass, which went public final yr, opened a big Seattle tech middle in 2019.

Compass laid off about 375 workers in March 2020 because of the pandemic.

Its inventory was down greater than 6% Thursday, buying and selling at lower than $4/share, down from $20/share when it went public in April 2021. The corporate posted a $494 million loss in 2021.

Editor’s notice: Story up to date with feedback from Day and a press release from Compass.



Source link

acquired Business Compass Estate giant Modus real Seattlebased shuts Startup title
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

The Samsung Galaxy S24+ hits a real sweet spot of size, performance and features

March 27, 2024

Multiple Milestones As New Majority Capital Boosts Entrepreneurship Through Acquisition

September 26, 2023

Getty Images Plunges Into the Generative AI Pool

September 26, 2023

3 Hot Startup Opportunities In Augmented Reality

September 26, 2023
Add A Comment

Comments are closed.

Editors Picks

Ford Jump-Starts Its Attempt to Revive Detroit

April 25, 2023

Asus announces Raptor Lake BIOS support for Z690 motherboards

July 9, 2022

Uber Rewards is going away later this year

August 13, 2022

Island Sanctuary | VG247

August 13, 2022

Subscribe to Updates

Get the latest news and Updates from Behind The Scene about Tech, Startup and more.

Top Post

Elementor #32036

The Redmi Note 13 is a bigger downgrade compared to the 5G model than you might think

Xiaomi Redmi Watch 4 is a budget smartwatch with a premium look and feel

Behind The Screen
Facebook Twitter Instagram Pinterest Vimeo YouTube
  • Contact
  • Privacy Policy
  • Terms & Conditions
© 2025 behindthescreen.uk - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.