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SAN LUIS OBISPO, Calif. & SAN FRANCISCO -- VREO Software, Inc. (www.vreo.com) today announced it will acquire Criterion Corporation and its flagship product, REDtablet(TM), as part of its corporate strategy to provide the residential real estate brokerage industry with a complete electronic transaction solution. The purchase of REDtablet(TM), when combined with VREO`s powerful Website and software products, completes the "last mile" of a paperless, mobile real estate transaction process extending from the back office out to REALTORS(R) in the field. The price and terms of the acquisition were not disclosed.
As separate companies, Criterion has marketed and sold the pen-based REDtablet(TM) PC equipped with a suite of transaction, document and lead management applications to several thousand real estate brokerage and agent clients nationwide. VREO Software has created agent, brokerage and enterprise solutions that integrate transaction management activities, Websites and electronic marketing tools.
"This is all about growth," said James Dwiggins, co-founder of VREO. "The acquisition of REDtablet(TM) makes VREO the single-source solution provider for residential real estate businesses of all sizes that choose to go paperless. Together, we will create efficiencies for our customers and a faster, friendlier experience for homebuyers and sellers."
"Combining our companies will make our products more compelling to our customers given the challenges they will face in the very near future," said Daniel Tealdi, president of REDtablet. "REDtablet`s e-signature and document management capabilities and VREO`s agent, broker and enterprise Website and software systems will lead the transition to an entirely mobile, paperless real estate brokerage environment."
Tealdi will join VREO`s management team as vice president of the company`s Tablet division and will take a seat on the board.
The companies will continue to maintain offices and existing staff in their San Luis Obispo and San Francisco Bay Area locations. The transaction is expected to be completed by May 15. For more information about VREO, call 1-805-546-2020 or visit http://www.vreo.com.
VREO Software, Inc. provides real estate brokers, agents and franchise organizations software and hardware solutions that improve productivity and profitability in the industry and the customer experience for homebuyers and sellers. VREO was awarded the Inman Innovator Award for the most innovative real estate transaction application of 2004.
Criterion Corporation`s REDtablet, introduced in 2002, was the first Tablet PC hardware and software solution designed in conjunction with major PC makers and Microsoft expressly for use by real estate professionals to facilitate an entirely paperless, wireless mobile real estate transaction.
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