Arizona-based Offerpad announced today that it has entered into a definitive merger agreement with Supernova Partners Acquisition Company, Inc. (“Supernova”) (NYSE: SPNV), a publicly traded special purpose acquisition company. When the transaction closes, the publicly traded company will be named Offerpad Solutions Inc. and its Class A common stock is expected to be listed on the New York Stock Exchange under the ticker “OPAD.”
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Offerpad, which was founded in 2015, is a leading real estate solutions platform that projects to generate revenue of $1.4 billion in 2021. Offerpad’s tech-enabled platform and team of real estate solutions experts empower homeowners to buy and sell homes online quickly and easily. Homeowners can request a free, 24-hour cash offer online in less than three minutes, partner with Offerpad to list a home with a back-up cash offer, or buy one of the thousands of homes available on Offerpad.com. Add-ons, such as show-ready home services; home improvement advances; extended stay options; and title and mortgage services allow customers to personalize the home buying and selling experience even more.
“I’ve been in real estate for decades and always knew there would be a better way to sell and buy homes,” said Brian Bair, CEO and founder, Offerpad. “iBuying is coming into its moment, as consumers increasingly want to transact online. At Offerpad, we combine the technology that makes it possible, with local real estate experts that provide fantastic customer service to sellers and buyers—all of which allows us to turn over homes more efficiently than anyone else in the category. Our team’s combination of grit and real estate experience have helped us complete around 30,000 transactions and achieve nearly $7 billion in gross transaction volume since inception, and we are now poised for fast growth as a public company.”
Despite growing consumer demand for an easier and more convenient way to buy and sell homes, online penetration in real estate is low compared with other industries, at less than 1 percent of the $1.6 trillion total addressable market. By partnering with Supernova to become a public company, Offerpad expects it will be able to accelerate its growth to capture more of this market opportunity.
Offerpad’s experienced tech and real estate leadership team created a highly efficient iBuying business, while raising less capital than competitors. Offerpad currently operates in 900+ cities and towns across the country and plans to expand nationwide.
Supernova is led by Spencer Rascoff, a serial entrepreneur who co-founded Hotwire, Zillow, dot.LA and Pacaso and who led Zillow as CEO for nearly a decade; Alexander Klabin, founder and CEO of Ancient who co-founded Senator Investment Group; Robert Reid, an investor who worked for 21 years at Blackstone in its Private Equity Group; and Michael Clifton, an investor who was most recently a senior investment professional at The Carlyle Group.