CommissionTrac, a US-based mortgage broker software provider was acquired by property management software producer Yardi for an undisclosed amount yesterday, allowing communications and automotive services group Cox Enterprises to exit.
Founded in 2015, CommissionTrac provides software that helps mortgage brokers manage their business operations. The platform can help manage tasks such as tracking deal pipeline, invoicing clients and paying commission to brokers.
The software will be integrated into Yardi’s CommercialEdge product suite, while CommissionTrac’s employees will continue to support its existing customers.
CommissionTrac took part in the Techstars Atlanta accelerator sponsored by Cox in 2018, securing $120,000 from Techstars in the process. It raised $1.15m in a February 2019 seed round backed by Cox and angel investors Bob Matthews and Jay Young.
CommissionTrac’s co-founder and CEO, Turner Levison, said: “At CommissionTrac, we have spent years developing a product to streamline the operations of a brokerage, while also providing greater visibility to brokers about their commissions.”