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Thomas H Lee Partners complete acquisition of majority interest in Ten-X

Private equity firm Thomas H Lee Partners has closed the acquisition of a majority interest in Ten-X, a US online real estate marketplace.

Members of Ten-X’s senior management team, Stone Point Capital, and CapitalG (formerly Google Capital), among others, will continue to hold minority positions in the Company. Terms of the transaction have not been disclosed.
 
Founded in 2007 and headquartered in Irvine and Silicon Valley, California, Ten-X provides an online real estate marketplace that allows individuals and investors to buy and sell residential and commercial real estate properties using both desktop and mobile channels. By leveraging its market-leading technology platform and extensive international network of buyers, Ten-X empowers consumers, investors and real estate professionals with unprecedented levels of flexibility, control and simplicity to easily complete real estate transactions online. Since its inception, Ten-X has enabled over USD50 billion of residential and commercial property sales on its platform.
 
The recapitalisation will ensure Ten-X has the resources it needs to build on its proven platform, pursue additional monetisation opportunities, and execute on its growth objectives. The Company will retain its corporate headquarters in Irvine and Silicon Valley, and will continue to be led by Chief Executive Officer Tim Morse along with other members of its senior management team.
 
“This investment gives us the scale and resources to accelerate our growth and further expand our platform and product offerings,” says Morse. “With the support of THL as a partner going forward, we can fully execute on our vision, build on our position as a leader in the online real estate market, and continue to provide our customers innovative products and services.”
 
“We are very excited to be partnering with Ten-X, a clear market leader in the real estate industry,” says Jim Carlisle, Managing Director at THL. “We are looking forward to working closely with Tim and the talented management team at Ten-X to further enhance its leadership position and maximize this incredible growth opportunity.”

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