Regional News

New York-based startup Compass purchases San Francisco brokerage firm Paragon

By Editor 0 Comments NEWS, Regional News

New York-based startup Compass recently announced it has acquired San Francisco-based brokerage firm, Paragon Real Estate Group. In a statement, Compass stated that the deal is part of the company’s expansion efforts in the Bay Area, where the company currently employs over 500 agents.

Last year, the company reported more than $4.5 billion in sales in that area. Compass did not disclose the financial terms of the deal.

Since it was founded in 2004, Paragon has expanded to operate eight offices in San Francisco, North Bay, and East Bay.

Founded in 2012 by Israeli entrepreneur Ori Allon and Robert Reffkin, Compass develops a digital portal for buying, selling, and renting real estate. In December, the company raised $450 million at a $2.2 billion company valuation from Softbank Group Corporation’s Vision Fund, bringing its total funding to $775 million.

Read more here.

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