eXp World Completes Sale of Virbela Software Platform, Authorizes Ninth Amendment to Repurchase Plan

eXp World Holdings, Inc. recently announced the completion of the sale of substantially all assets, including intellectual property, used primarily in its Virbela application-based software platform. The transaction was finalized on November 29, 2024, with eXp World Technologies, LLC, a subsidiary of eXp World Holdings, Inc., selling the assets to Virbela LLC. The Buyer, wholly owned by Alex Howland and Erik Hill, former Co-Founders and executives of the Seller, assumed all liabilities relating to the Business as part of the agreement.

In exchange for the assets acquired, Howland and Hill waived severance payments totaling $252,100 contractually owed to them by the Seller upon their employment termination. The Financial Statements for the Business were classified as discontinued operations in the Virbela segment, beginning in the first quarter of 2024 and reported in the Company’s Quarterly Reports on Form 10-Q for the relevant periods.

Additionally, eXp World Holdings, Inc. disclosed that the Board of Directors authorized a Ninth Amendment to the Issuer Repurchase Plan with Stephens Inc. on December 5, 2024. This amendment modifies the monthly repurchase amounts through December 31, 2025.

The Company also provided pro forma financial information related to the sale of the Business in the Form 8-K filing. Unaudited pro forma financial statements were attached, reflecting the impact of the Business sale on the Company’s financials for the years ended December 31, 2023, 2022, and 2021.

The unaudited pro forma financial statements offer an overview of the Seller’s sale of the Business, providing insights for analysis. These statements should be considered along with the Company’s historical financial statements included in its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

The pro forma condensed consolidated financial statements assume that the sale occurred at the start of the earliest fiscal period presented and reflect the Business as a discontinued operation during the periods covered. Management has made assumptions believed to be reasonable in preparing these statements.

The Ninth Amendment to the eXp World Holdings, Inc. Stock Repurchase Plan and the Unaudited Pro Forma Consolidated Statement of Operations can be viewed in the attachments to the Form 8-K filing for more detailed information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read eXp World’s 8K filing here.

eXp World Company Profile

eXp World Holdings, Inc, together with its subsidiaries, provides cloud-based real estate brokerage services for residential homeowners and homebuyers. The company operates through North American Realty, International Realty, Virbela, and Other Affiliated Services segments. It provides Virbela, a cloud-based technologies that provides data, lead generation, and marketing tools for real estate agents and employees.