tiprankstipranks
Carrier Global Corporation To Snap up BrokerBay
Market News

Carrier Global Corporation To Snap up BrokerBay

Carrier Global Corporation (CARR) inked a deal to acquire BrokerBay Inc., to drive recurring revenue by offering best-in-class solutions to real estate agents.

Pick the best stocks and maximize your portfolio:

The deal is in line with the company’s strategic initiative to make acquisitions in digital and aftermarket. The financial terms of the deal have been kept under wraps.

Shares of the company that provides HVAC (heating, ventilation, and air conditioning), refrigeration, fire, security, and building automation technologies worldwide have gained 80% over the past year. (See Carrier stock charts on TipRanks)

BrokerBay Inc. is a leading developer of an advanced and user-friendly real estate management cloud ecosystem.

BrokerBay’s software will compliment Carrier’s access solutions range within its Fire & Security business. The integration of BrokerBay’s software will offer a one-stop-shop for real estate agents, enabling real estate scheduling and electronic lockbox access, thereby decreasing their administrative workload and increasing efficiency.

The acquisition is expected to close in October, subject to certain regulatory approvals.

Jurgen Timperman, President at Carrier Fire & Security, commented “Our Supra real estate lockbox management and mobile credentialing business paired with BrokerBay’s capabilities to deliver advanced digital solutions will improve efficiencies for North American real estate agents, while also driving our strategy of increasing recurring revenue through enhanced services.”

Goldman Sachs analyst Joe Ritchie recently increased the price target from $63 to $66 (19.9% upside potential) while maintaining a Buy rating on the stock.

Consensus among analysts is a Strong Buy based on 8 Buys and 6 Holds. The average Carrier price target stands at $60.23, implying 9.4% upside potential.

TipRanks data shows that financial blogger opinions are 100% Bullish on CARR, compared to the sector average of 70%.

Related News:
Core & Main to Snap Up CES Industrial Piping Supply
Bandwidth Becomes Charter Member for Zoom’s Phone Provider Exchange
Infosys Partners with SAP to Help Clients Transform Businesses

Go Ad-Free with Our App