MoxiWorks sells back-office software MoxiBalance to agent benefits facilitator Upfront as part of an emphasis on marketing and sales.
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As it promised it would in January, MoxiWorks is making moves.
The company has sold off the back-office component of its software platform to Upfront, a fintech startup focused on facilitating agent benefits programs, Inman has learned.
The software, MoxiBalance, will be called Vero under a new operating unit formed by Upfront. It was an all-cash deal, and terms were not disclosed.
MoxiWorks said in a May 29 statement that the move is part of an effort to offload products that don’t directly serve its “focus on sales and marketing solutions that help brokerages and their agents find, win and close more deals.”
MoxiWorks stated that the accounting system manages close to $2 billion in transaction volume for more than 150 brokerage customers, two franchises, and 20,000 agents across the U.S. and Canada. MoxiBalance users will see no pause in service or support, the companies, which are working in partnership on the transition, said.
The move is part of an effort to alter the industry perspective on MoxiWorks, according to CEO Eric Elfman, who is now a year into his position after previous CEO York Baur transitioned into a board role.
“At MoxiWorks, our focus is to evolve from a leading legacy software provider into the go-to real estate sales and marketing platform,” Elfman said in the release. “The sale of MoxiBalance aligns with our strategic transformation to provide innovative software solutions that adapt with the ever-changing needs of agents.”
The company announced a funding influx in January 2025 to accompany a number of internal product initiatives. Funds came in from MoxiWorks’ existing ownership group, including Vector Capital, and brokerages Howard Hanna Real Estate Services and Windermere Real Estate, Inman reported.
Elfman hinted at changes to come, saying in January that “MoxiWorks is building new capabilities from the ground up that bring our well-respected legacy platform into the future,” he said. “We are disrupting our company through investments in product and leadership to be a better partner to our customers.”
Moving to Upfront with the platform is MoxiBalance General Manager Ishtyaq Ahmed. He’ll become chief product officer at Vero after joining MoxiWorks in 2021 from Lone Wolf.
“Ish has played a critical role in modernizing and growing MoxiBalance over the past four years,” Elfman said. “Under his continued leadership at Upfront, it will remain a powerful tool for brokerages, delivering innovative back-office capabilities.”
Upfront emerged from the first proptech cohort of Equity Angels, a business advisory firm centered on increasing exposure to financial resources for minority startup founders. It was started by Katherine Winston and Kenya Burrell-VanWormer.
Upfront’s founders are COO Pierre Calzadilla and CEO Mukund (Muk) Venkatakrishnan. The company offers a capital extension service that allows brokers to provide funds to agents for a range of needs based on pending commissions. Earlier in May, it added Care by Upfront, a nationwide service to provide healthcare for the industry.
“We’re thrilled to bring modern finance and innovation to the back-office space,” Venkatakrishnan said in the release. “MoxiBalance is a great platform, and we are excited to add Ish and his 10 years of back-office experience to our team in this deal.”
Said Calzadilla, “We will turn the back-office from a cost-center to a profit-center, while bringing agents new innovations to manage their commissions, taxes, investments and more.”
Calzadilla’s new colleague, Ahmed, called the move a new way to look at financial support for agent and brokerages.
“I saw firsthand the potential with dedicated focus. That’s why I’m thrilled to join forces with Upfront, a company built from the ground up to solve real financial pain for brokerages and agents.”
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