Just days after acquiring proptech firm BoomTown, Inside Real Estate has cut its workforce, as first reported by Inman News.
According to LinkedIn posts from former BoomTown employees, the layoffs occurred in the latter half of last week — at roughly the same time as the closure of Inside Real Estate’s BoomTown acquisition.
Joe Skousen, the CEO of Inside Real Estate, told Inman that the cuts were the result of overlapping positions following the finalization of the acquisition. Skousen would not comment on the size of the layoff or highlight what departments were impacted.
“Given the combination of two meaningfully sized companies in the space, we made the difficult decision to eliminate certain redundant positions between the two organizations,” Skousen told Inman. “All impacted employees were notified and provided with severance packages last week.”
According to data from Inside Real Estate, the firm’s employee count was expected to grow to roughly 700 due to the acquisition of BoomTown.
“We’re bringing these two industry leaders together, and we’re pumped about it,” Skousen said at the time of the acquisition. “We’ve observed and respected each other for years, and it’s certainly not the first time I’ve thought these companies would make sense if together. The DNA of the companies really lines up.”
A public announcement of Inside Real Estate’s acquisition of BoomTown will occur on Tuesday at Inman Connect New York.
