Royal Bank of Canada (RBC) has acquired OJO Canada, a company that develops artificial intelligence-based technologies for the real estate market.
Source: Pixabay.com
Currently, there is no information about the financial terms of the transaction for the acquisition of the company by the bank.
OJO Canada offers its clients real estate search services, focusing on an individual approach when choosing a housing. The firm provides consumers with access to a network of experts in the relevant field. The company also provides financial support.
The bank started cooperating with OJO in 2018. At that time, a division of a financial institution engaged in the implementation of innovative technological solutions interacted with the firm. In 2021, the partnership was expanded. As a result of closer cooperation, the real estate platform OJO Canada was created, which existed as a separate company.
Representatives of the bank noted that in less than two years, the real estate platform has demonstrated stable growth. Millions of home buyers have used the services of OJO Canada.
Sid Puckett, the head of RBC, says that currently, the real estate platform is a kind of universal center for residents of Canada who choose an apartment, a private house, or premises for business. He called the advantage of OJO Canada simple and interconnected with other representatives of the market algorithm.
RBC is currently the largest bank in Canada and the largest company in this country. The financial institution was founded in 1864 in Halifax. In 2016, in the Forbes Global 2000 list of the largest public companies in the world, the bank ranked 52nd, including 33rd in assets, 50th in net profit, 79th in market capitalization, and 256th in turnover. In 2010, the financial institution took 10th place in the ranking of the most reliable banks in the world according to Global Finance.
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