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Zillow Group to acquire Spruce

Spruce News
Spruce Legal
August 10, 2023

Zillow Group to acquire Spruce, a tech-enabled title and escrow company, as a building block in the housing super app

Zillow and Spruce will power a modern closing experience.

As part of its mission to help more people get home, Zillow Group has entered into an agreement to acquire Spruce, a tech-enabled title and escrow company. Making it easier for people to move requires improvements across the real estate transaction - including the critical closing process. Over time, Zillow Group and Spruce will build a digital-powered closing services offering for Zillow customers. 

This acquisition is driven by the expertise and skill the Spruce team has when it comes to creating solutions for faster and effortless real estate transactions – something the team has proven throughout their history by servicing some high volume clients across the real estate landscape. When the Spruce team joins Zillow Group after the closing of this acquisition, the two teams will work together to create this new customer-facing offering. 

“Title should never be a blocker to a great transaction and our goal is for our customers to see and feel how much better the real estate transaction can be when they work with Zillow,” said Matt Daimler, Zillow senior vice president of product. “With Spruce, Zillow is building a tech-forward, high volume title company for the future.” 

Zillow and Spruce will power a modern closing experience

Founded in 2016, Spruce built technology and operations to power title insurance, coordination, escrow, and recording services nationwide for some of the most innovative real estate companies. Pairing its proprietary software with a team of seasoned experts, Spruce emerged as a leader within the title and closing ecosystem, offering a seamless end-to-end experience for its clients.

“Real estate transactions often fall short of buyer and seller expectations,” said Spruce CEO and co-founder, Patrick Burns. “Like Zillow, Spruce is driven by the vision of offering an amazing transaction experience to buyers and sellers. We’re excited to join Zillow in the ambitious mission to create the best closing solution for the modern home-buying process.”

Building a closing service to integrate into Zillow’s housing super app 

Over time, Spruce’s closing solutions will be a key component to Zillow’s housing super app, which will connect all the fragmented pieces of moving into one streamlined transaction. Previously Zillow announced it is sunsetting their existing closing services division in favor of exploring a more tech-forward solution. The acquisition is a strategic move in Zillow’s efforts to steadily roll out products and services to create a seamless end-to-end home-buying experience for customers and partners.

For more information about Spruce, visit spruce.co.

Perella Weinberg Partners LP served as financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP served as legal advisor to Spruce on the transaction.

This is a repost of the original Zillow Group blog post.

This post contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our future targets, the future performance and operation of our business, the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, the current and future health and stability of the residential housing market and economy, volatility of mortgage interest rates, and our expectations regarding future shifts in behavior by consumers and employees. Differences in Zillow Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s Annual Report on Form 10-K for the year ended Dec. 31, 2022, filed with the Securities and Exchange Commission, or SEC, and in Zillow Group’s other filings with the SEC.


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Article by
Spruce Legal

Zillow Group to acquire Spruce

Zillow Group to acquire Spruce, a tech-enabled title and escrow company, as a building block in the housing super app

Zillow and Spruce will power a modern closing experience.

As part of its mission to help more people get home, Zillow Group has entered into an agreement to acquire Spruce, a tech-enabled title and escrow company. Making it easier for people to move requires improvements across the real estate transaction - including the critical closing process. Over time, Zillow Group and Spruce will build a digital-powered closing services offering for Zillow customers. 

This acquisition is driven by the expertise and skill the Spruce team has when it comes to creating solutions for faster and effortless real estate transactions – something the team has proven throughout their history by servicing some high volume clients across the real estate landscape. When the Spruce team joins Zillow Group after the closing of this acquisition, the two teams will work together to create this new customer-facing offering. 

“Title should never be a blocker to a great transaction and our goal is for our customers to see and feel how much better the real estate transaction can be when they work with Zillow,” said Matt Daimler, Zillow senior vice president of product. “With Spruce, Zillow is building a tech-forward, high volume title company for the future.” 

Zillow and Spruce will power a modern closing experience

Founded in 2016, Spruce built technology and operations to power title insurance, coordination, escrow, and recording services nationwide for some of the most innovative real estate companies. Pairing its proprietary software with a team of seasoned experts, Spruce emerged as a leader within the title and closing ecosystem, offering a seamless end-to-end experience for its clients.

“Real estate transactions often fall short of buyer and seller expectations,” said Spruce CEO and co-founder, Patrick Burns. “Like Zillow, Spruce is driven by the vision of offering an amazing transaction experience to buyers and sellers. We’re excited to join Zillow in the ambitious mission to create the best closing solution for the modern home-buying process.”

Building a closing service to integrate into Zillow’s housing super app 

Over time, Spruce’s closing solutions will be a key component to Zillow’s housing super app, which will connect all the fragmented pieces of moving into one streamlined transaction. Previously Zillow announced it is sunsetting their existing closing services division in favor of exploring a more tech-forward solution. The acquisition is a strategic move in Zillow’s efforts to steadily roll out products and services to create a seamless end-to-end home-buying experience for customers and partners.

For more information about Spruce, visit spruce.co.

Perella Weinberg Partners LP served as financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP served as legal advisor to Spruce on the transaction.

This is a repost of the original Zillow Group blog post.

This post contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our future targets, the future performance and operation of our business, the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, the current and future health and stability of the residential housing market and economy, volatility of mortgage interest rates, and our expectations regarding future shifts in behavior by consumers and employees. Differences in Zillow Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s Annual Report on Form 10-K for the year ended Dec. 31, 2022, filed with the Securities and Exchange Commission, or SEC, and in Zillow Group’s other filings with the SEC.