Frisco tech company assisting real estate is roughly doubling its size with new acquisition

A local tech company targeting residential real estate is making an acquisition that’s a huge step.

Frisco-based Elm Street Technology, which provides real estate technology and marketing options, is taking on IDX Broker in Eugene, Ore., according to a statement. Terms of the transaction were not disclosed.

The deal will roughly double the company’s size as it has about 70 people and the target firm has about 80, according to a spokesperson. IDX provides real estate search applications and marketing services.

It’s the first acquisition after private equity firm Aquiline Capital Partners made an investment in Elm Street, a deal that was unveiled in February. With the move, it became the majority stakeholder.

The acquisition of IDX is the sixth in Elm Street’s history, the spokesperson said.

Elm Street offers a variety of tools, including services around lead generation, customer relationship management, performance metrics and social media marketing. The Elevate platform has tens of thousands of real estate agents and brokerages in the U.S.

The deal for IDX will bolster Elm Street’s lineup with nationwide MLS data feeds and web-design capabilities, the spokesperson said.

“For over 17 years, IDX Broker has been serving tens of thousands of real estate customers with high-quality, innovative products and top-shelf customer support,” Prem Luthra, president and CEO of Elm Street, said in a prepared statement. “We look forward to adding their products to our growing suite of services, which will have meaningful benefits for both companies' customers."