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May 5, 2008 2:44 PM
John L. Scott buys Bellevue Web real estate firm
Posted by Brier Dudley
Before we had Redfin, Zillow and Estately, a little company in Bellevue called Real Tech was building fancy Web tools to search, market and display online real estate listings.
You didn't hear so much about it because Real Tech was a B2B play, selling its technology to real estate firms developing their online presence.
Today the nine-person company was acquired by one of its prime customers, John L. Scott, which didn't disclose the purchase price.
Chief Executive J. Lennox Scott's comment in the press release makes me wonder if he'll go after any Web startups next. The quote:
"We have a voracious appetite for technology. The purchase of Real Tech provides John L. Scott with the ongoing, real time resources that we need to meet our ambitious technology goals."
Among the Web tools that Real Tech developed for the firm were property search features based on Microsoft's Virtual Earth mapping technology.
Real Tech was incorporated in 2001 by William Riss -- chief executive of Scott's competitor, Coldwell Banker Bain -- and governed by him and Steven Empey, according to state business registration records. Empey developed Web initiatives for Coldwell Banker Bain before he became chief executive of Real Tech in 2005.
Adam Jundt, Real Tech's general manager, said in the release that the "enhanced partnership will fuel the next generation of products and services, continuing our role as technology leaders in the real estate industry."
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