Offerpad, which works in buying and selling residential real estate, has completed a deal with Supernova Partners Acquisition Company (SPAC) in order to take Offerpad public, according to press release. Offerpad specializes in tech-enabled solutions like iBuying in order to offer customers more convenience and control.
Offerpad Solutions, the new company formed with the special purpose acquisition company (SPAC) merger, will likely use $284 million from the transaction to boost expansion and product development, among other expenditures, the release stated.
Offerpad Founder and CEO Brian Bair, along with Offerpad’s management team, will lead the combined company, according to the release.
Bair, in addition, will also serve as the chairman of the Offerpad Solutions board, along with Katie Curnutte, former senior vice president of Communications and Public Affairs at Zillow; Ken DeGiorgio, president of First American Financial Corp.; Alexander Klabin, founder and CEO of Ancient and executive chairman of Sotheby’s Financial Services; Ryan O’Hara, former CEO of Move Inc. (Realtor.com); Sheryl Palmer, chairman and CEO of Taylor Morrison Home Corporation; and Roberto Sella, founder and managing partner of LL Funds, the release stated.
Bair said in the release the company is “just getting started.”
“We have a superior team, combining strong technology backgrounds and real estate experience in every kind of real estate cycle, with the skills and vision to operate as a highly capital-efficient company in our industry,” he said in the release. “We are excited about the tremendous opportunity ahead of us as more and more buyers and sellers opt for our digital-first experience.”
Offerpad’s merger with Supernova was announced in March. At the time, it was announced the deal would give Offerpad $650 million in gross cash proceeds.
Offerpad was formed in 2015. The company allows for the speedier buying and selling of homes and gives homeowners the ability to request a 24-hour cash offer for free, in less than three minutes. They can also partner with Offerpad to list a home with a backup cash offer or browse available homes.