Only a few days later to acquire proptech company Booming city, Inside real estate downsized, as first reported Inman News.
According to LinkedIn posts of former BoomTown employees, the layoffs took place in the second half of last week – around the same time as Inside Real Estate’s acquisition of BoomTown closed.
Joe Skousen, the CEO of Inside Real Estate, told Inman that the cuts were the result of overlapping positions after the acquisition was completed. Skousen would not comment on the scope of the layoff or highlight the departments affected.
“Given the combination of two significantly sized businesses in the space, we have made the difficult decision to eliminate some redundant positions between the two organizations,” Skousen told Inman. “All affected employees were notified and received severance packages last week.”
According to data from Inside Real Estate, the number of company employees is expected to reach around 700 due to the acquisition of BoomTown.
“We’re bringing these two industry leaders together, and we’re thrilled,” Skousen said at the time of the acquisition. “We’ve been watching and respecting each other for years, and it’s certainly not the first time I’ve thought these ventures would make sense if they were together. The corporate DNA really aligns.
A public announcement of Inside Real Estate’s acquisition of BoomTown will take place on Tuesday at Inman Connect New York.