reAlpha Tech Corp (Nasdaq: AIRE) has announced its acquisition of Naamche, with plans to leverage their combined expertise to develop advanced AI solutions for the real estate industry and various digital platforms. This strategic move will enhance reAlpha's technology stack with data science, custom AI/ML technologies, and cross-platform development capabilities.
reAlpha, a real estate technology company, has entered into definitive agreements to acquire Naamche, Inc., a technology company focused on developing AI-powered solutions for large industries, including real estate. Naamche's technology will advance reAlpha's long-term plan to become a leading AI solutions provider for the real estate industry, driving efficiency, sustainability, and growth.
reAlpha plans to use Naamche's AI, machine learning, data engineering, and marketplace creation technologies to further its goal of providing cutting-edge real estate AI solutions. This acquisition will bring 25 skilled software engineers, developers, UX designers, and creatives to reAlpha's team. They will work on creating custom digital products to meet the rising demand for AI-based real estate technologies. Naamche's expertise will help expand reAlpha's product portfolio and strengthen its research and development program.
The CEO of reAlpha, Giri Devanur, emphasized the increasing significance of real estate and technology convergence as the global real estate market becomes more digital:
With the digitization of the global real estate market accelerating at an unprecedented pace, we believe the intersection of real estate and technology has never been more critical. This transaction aligns with our strategy to methodically build and scale an enterprise with best-in-class AI-powered solutions.
Upon finalization of the Acquisition, Ramesh Pathak, the founder and CEO of Naamche, will assume the role of President and report to reAlpha CEO Giri Devanur. Naamche's operations will be integrated into reAlpha's expansive operational framework, harmonizing the strengths of both entities. Pathak believes that Naamche's abilities support reAlpha's goal of providing a wide range of practical real estate services and AI technologies to its global community.
Joining forces with reAlpha's formidable technology stack, wide distribution network, and access to talent will solidify our position in an increasingly competitive market. Together, we will be better positioned to build a future where real estate owners, investors and operators have the seamless and efficient digital experiences they need wherever they are.
The acquisition, approved by reAlpha's Board of Directors, involves a purchase price paid with a combination of cash and equity. It depends on meeting jurisdictional and standard closing conditions, regulatory review, and approval.