San Luis Obispo, CA and San Francisco, CA (April 19, 2005) - VREO Software, Inc. today announced that it will acquire Criterion Corporation and its flagship product, REDtablet™, as part of its corporate strategy to provide the residential real estate industry with a complete electronic transaction solution. The purchase of REDtablet™, when combined with VREO's powerful software products, completes the "last mile" of a paperless, mobile real estate transaction process extending from the back office out to REALTORS in the field. The price and terms of the acquisition were not disclosed.
As separate companies, Criterion has marketed and sold the pen-based REDtabletTM tablet PC equipped with a suite of transaction, document and lead management applications to several thousand brokerage and agent clients nationwide, while VREO Software has offered agent, brokerage and enterprise solutions that integrate transaction management activities, consumer-facing Web sites and electronic marketing tools.
"The acquisition of REDtablet™ makes VREO the single-source solution provider for residential real estate businesses of all sizes that choose to go paperless," said James Dwiggins, co-founder of VREO. "Together, we will create efficiencies for our customers and a faster, friendlier experience for home buyers and sellers."
"The residential real estate brokerage industry has long pursued the dream of a truly electronic transaction." 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."
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 April 30.
For more information about VREO, Inc., call 1-805-546-2020 or visit
http://www.vreo.comVREO, 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 home buyers and sellers.
http://www.redtablet.comCriterion Corp'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. Criterion is based in San Bruno, CA.
Roger Cruzen (For VREO Software Inc. and Criterion Corp.)612-718-2219rogercruzen@yahoo.com