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Real estate brokerage firm Marcus & Millichap Inc (NYSE:MMI) has signed a strategic partnership, including an equity investment and commercial relationship with Archer, a venture-backed real estate technology company. The financial details were not disclosed.
Archer's commercial real estate software platform helps speed up market analysis, deal sourcing, and underwriting activities. It leverages machine-learning algorithms to better parse property financials such as rent rolls and operating statements and consolidate data from different sources.
The platform allows brokers to accelerate the market analysis and underwriting processes for clients.
Richard Matricaria, Marcus & Millichap's chief operating officer, Western Division, stated: "Our relationship with Archer is one of the ways we continue to stay on the leading edge within the proptech space. We value Archer's technology and the strategic benefits they provide our brokers and clients and took the opportunity to expand our partnership with an equity investment."
Price Action: MMI shares traded higher by 7.66% at $32.06 on the last check Tuesday.
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Posted In: MMI
