August 8, 2017
Boston, MA-based private equity company Thomas H. Lee Partners (THL) entered into an agreement to acquire a controlling stake in Ten-X LLC. The reported $1-billion transaction is expected to close in Q3 2017.
Ten-X was launched in 2007 as Auction.com to create an online real estate marketplace. The Irvine, CA-headquartered Ten-X allows individuals and investors to buy and sell residential and commercial-real estate properties through an auction-based format, using desktop and mobile software.
Members of Ten-X’s senior management team, Stone Point Capital and CapitalG (formerly Google Capital), among others, will continue holding minority stakes in the company. Ten-X will continue operating out of its California corporate headquarters, with CEO Tim Morse remaining at the leadership helm.
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