Tuesday, La Rosa Holdings Corp (NASDAQ: LRHC) announced that it has entered into a non-binding Letter of Intent to acquire a real estate brokerage firm with over 950 agents and offices in multiple states.
The firm also offers a proprietary cloud-based Software-as-a-Service (SaaS) platform tailored for real estate agents and generated more than $19.0 million in revenue for 2023.
CEO Joe La Rosa expects the brokerage firm’s advanced SaaS platform to play a pivotal role in driving continued innovation and value delivery to La Rosa’s agents.
The financial terms of the acquisition were not disclosed.
The acquisition will also help it expand its presence in states, enabling it to launch its ancillary services, such as title insurance, property management, and other complementary offerings, in the newer markets, the company said.
Joe La Rosa eyes over 4,000 agents by year-end and expects the acquisition to prove instrumental in accomplishing its goal.
Lar Rosa projected an annualized revenue run rate of $100 million by the end of 2024, backed by its strategic focus on acquisitions and the rapid expansion of its agent base.
The company expects to be profitable in 2025, supported by its growing revenue streams and efficient integration of new agents and technology.
Price Action: LRHC stock closed lower by 4.82% at $0.8500 on Monday.
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