In case you missed it last week, private equity firm Thomas H. Lee Partners announced the closing of its more than $1 billion majority acquisition of Ten-X. The online platform operates Auction.com as well as other brands.

With Ten-X Homes and Ten-X Commercial, two recently added legs of the company, homes are sold online via auction format. The company claims over $50 billion in residential and commercial transactions via its platforms. Ten-X Homes was introduced in 2016 at SXSW (South By Southwest) Interactive, a tech event at the popular Austin, Texas festival.

“This is just the ‘official’ closing of the deal we announced previously,” said Rick Sharga, chief marketing officer of Ten-X, in an email to Inman.

The terms of the deal were not disclosed.

Inman reported on the acquisition earlier this year:

Ten-X (previously known as Auction.com) was valued at $1.2 billion by CapitalG (formerly Google Capital) in 2014, when the Google-owned equity fund poured $50 million into Ten-X.

Since then, Ten-X has grown in the last three years and Thomas H. Lee Partners is reportedly ponying up $1 billion or more for only a controlling interest in Ten-X (not the entire company). Ten-X could easily have been valued at north of $1.5 billion — though Ten-X officials declined to comment on this.

While Thomas H. Lee Partners will gain a majority of seats on Ten-X’s board of directors, the private equity firm won’t be replacing Ten-X’s management team, according to Rick Sharga, chief marketing officer at Ten-X.

Ten-X is “going to continue to run the business as we’ve been running it,” he said.

The online auction format allows users to instantly make an offer on a listing they are interested in. This service also allows sellers to work with their agents to see offers alongside each other as they are made.

Email Britt Chester

Correction: an editing error made reference to TenX cryptocurrency products, which are offered by a different, unrelated company with a similar name. We have since updated the story to remove this mention and regret the error. 

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×