{"id":1786,"date":"2021-03-25T09:16:00","date_gmt":"2021-03-25T13:16:00","guid":{"rendered":"https:\/\/ibuyer.com\/blog\/?p=1786"},"modified":"2022-02-08T06:52:05","modified_gmt":"2022-02-08T11:52:05","slug":"offerpad-is-set-to-merge-with-spac-in-3-billion-deal","status":"publish","type":"post","link":"https:\/\/ibuyer.com\/blog\/offerpad-is-set-to-merge-with-spac-in-3-billion-deal\/","title":{"rendered":"Offerpad is set to merge with SPAC in $3 billion deal"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">The company, which started out as an iBuyer &#8211; buying homes from sellers who signed up online \u2013 is going public with a SPAC merger. The transaction is expected to close in the second, or early third, quarter of 2021, and will operate under the name of Offerpad Solutions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Since it was founded in 2015, the company has had positive per-home contribution margins, achieving almost $7 billion in gross transaction volume and completed over 30,000 transactions. But the challenge is to expend into new markets and add more to the services it offers. The growing revenue, from $100 million in 2016 to $1.1 billion in 2020, made the company set ambitious goals, to project a revenue of $1.4 billion in 2021 and $2.4 billion in 2022.<\/p>\n\n\n\n<div class=\"in-article-cta mb-4\">\n  <h3 class=\"home-primary-title text-center mb-2\" id=\"header-form\">Cash Offers From\n       <span class=\"medium-big d-block font-weight-bold py-3\">iBuyers You <span class=\"title-block\">Can Trust!<\/span><\/span>\n   <\/h3>\n      <div class=\"header-form\">\n          <form class=\"home-form floating-labels mb-2\" autocomplete=\"off\" action=\"\" method=\"post\">\n              <div class=\"row no-gutters justify-content-center \">\n                <div class=\"col-12 col-lg-7 col-xl-6\">\n                    <div class=\"form-group mb-3 mb-md-2 mb-lg-3\">\n                        <label for=\"autocomplete\" class=\"label-floating\">\n                            <span style=\"color: #7bcec8; margin-right:2;\"><i class=\"fa fa-map-marker\" aria-hidden=\"true\"><\/i><\/span>\n                             Enter your home address\n                        <\/label>\n                        <input autocomplete=\"false\" name=\"hidden\" type=\"text\" style=\"display:none;\">\n                        <input id=\"autocomplete4\" type=\"search\" placeholder=\"\" class=\"form-control btn-rounded-left btn-rounded-left-only-lg form-control-lg\" autocomplete=\"smartystreets\" v-on:change=\"onAddressChange($event)\" v-on:keydown.enter=\"searchMyAddressOnEnter()\">\n                        <ul class=\"us-autocomplete-pro-menu4\" style=\"display:none;\"><\/ul>\n                    <\/div>\n                <\/div>\n                <div class=\"col-12 col-lg-4 col-xl-3\">\n                    <div class=\"form-group mb-3\">\n                        <button type=\"button\" class=\"btn btn-primary btn-lg btn-block btn-rounded-right \" v-on:click=\"searchMyAddress()\">\n                            Get Cash Offers\n                        <\/button>\n                    <\/div>\n                <\/div>\n              <\/div>\n          <\/form>\n            <div class=\"row no-gutters justify-content-center px-xl-5\">\n              <div class=\"col-sm-11 col-md-10 col-lg-8\">\n                <ul class=\"list-features list-unstyled d-flex justify-content-between ml-0 mb-0 text-center\">\n                      <li class=\"list-item\"><span style=\"color: #fa6c28\"><i class=\"fa fa-check mr-sm-1\"><\/i><\/span>\n                        No Showings\n                      <\/li>\n                      <li class=\"list-item\"><span style=\"color: #fa6c28\"><i class=\"fa fa-check mr-sm-1\"><\/i><\/span>\n                        No Repairs\n                      <\/li>\n                      <li class=\"list-item\"><span style=\"color: #fa6c28\"><i class=\"fa fa-check mr-sm-1\"><\/i><\/span>\n                        No Headaches\n                      <\/li>\n                  <\/ul>\n              <\/div>\n          <\/div>\n      <\/div>\n    <\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Supernova Partners Acquisition Company is led by Spencer Rascoff \u2013 former chief executive officer of Zillow Group Inc. for nearly a decade, one of Offerpad\u2019s main rivals \u2013 who co-founded Hotwire, dot.LA and Pacaso. He believes that Offerpad \u201cis incredibly well-positioned to grab a huge piece\u201d of the real estate market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Through this merge, Offerpad hopes \u201cto accelerate its growth to capture more\u201d of the market, as currently, the company operates in over 900 cities across the country and is active in 16 markets, recently adding Denver and Nashville to the list &#8211; and plans to expend nationwide.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201ciBuying has barely scratched the surface of real estate, one of the biggest addressable markets in the world\u201d Rascoff said in a written statement. \u201cIn general, real estate continues to be mostly analog, in contrast to other industries like grocery, autos and pharmaceuticals, but consumers demand online solutions. As they bring more transactions online, we believe online real estate as a whole is poised to grow rapidly in the coming years.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Offerpad\u2019s CEO Brian Bair said that despite the new capital, the company will remain disciplined and not overpay for the homes it purchases.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company, which started out as an iBuyer &#8211; buying homes from sellers who signed up online \u2013 is going public with a SPAC merger. The transaction is expected to close in the second, or early third, quarter of 2021, and will operate under the name of Offerpad Solutions. Since it was founded in 2015, [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":1788,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,11],"tags":[],"class_list":["post-1786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ibuying","category-real-estate-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Offerpad is set to merge with SPAC in $3 billion deal<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offerpad is set to merge with SPAC in $3 billion deal\" \/>\n<meta property=\"og:description\" content=\"The company, which started out as an iBuyer &#8211; buying homes from sellers who signed up online \u2013 is going public with a SPAC merger. The transaction is expected to close in the second, or early third, quarter of 2021, and will operate under the name of Offerpad Solutions. 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