Updater Acquiring Bridgevine and Secures Additional $20M in Growth Capital
Today, we are pleased to announce our acquisition of Bridgevine, the leading provider of technology for home subscription sign-ups, and associated concierge offerings. Bridgevine builds and distributes technology to enable smooth transfers of internet, cable, satellite, home security, and energy services nationwide.
This partnership will bolster our current offerings, provide our users with seamless home services booking experiences, and expand the combined company’s reach to nearly 50% of all US household moves annually.
By fully integrating Bridgevine, Updater will be able to:
Deliver a superior mover experience: Our users will receive increased transparency over the pricing and availability of various home subscription products. Users will be able to more efficiently and seamlessly complete transactions within our app. Users will also benefit from an expanded one-to-one, phone-based moving concierge through Bridgevine’s market-leading call center capabilities. We recognize that moves are planned in many ways – over the internet, over the phone, over email, over text, and in person. It’s our responsibility to be wherever our users need us most.
Expand our app distribution: We will offer our moving app to Bridgevine’s existing audience and partners.
Enhance our suite of products: The combined company will offer home subscription providers a more compelling technology portfolio for distributing products and services.
Share synergies: Both companies will benefit from each other’s customer relationships, industry experience, internal talent, technology, and centers of excellence.
Bridgevine will operate as part of the Updater Home Services Division. Sean Barry (Bridgevine CEO) will serve as President of Updater Home Services and the team will continue operating out of their current locations in Atlanta, Denver, and Miami.
In conjunction with the Bridgevine acquisition, we’re also pleased to announce that we’ve secured an additional $20M in growth capital. The fundraising was led by Second Century Ventures, the strategic investment fund of the National Association of REALTORS®. Second Century also participated in our Series A round in 2014. Through this fundraise and acquisition, we plan to continue investing heavily in the real estate industry, enabling real estate professionals and property managers to deliver an unrivaled moving experience.
Today’s announcements advance Updater’s mission to dramatically improve efficiency across all facets of relocation – from the consumer experience to the businesses that help consumers connect their home, to the real estate companies that help consumers find their new home.
To our millions of movers, thousands of partners and, of course, our dedicated team – without you, this mission simply wouldn’t be possible. Thank you for sharing our vision.