SUCCESS Acquisition Expands Reach Into Entrepreneurial, Personal Development and Leadership Market
BELLINGHAM, Wash., Nov. 12, 2020 (GLOBE NEWSWIRE) -- eXp World Holdings, Inc. (Nasdaq: EXPI), the parent company of eXp Realty and Virbela, today announced the pending acquisition of SUCCESS Enterprises and its related media properties, including SUCCESS print magazine, SUCCESS.com, SUCCESS newsletters, podcasts, digital training courses and affiliated social media accounts across platforms.
SUCCESS is a 123-year-old company with substantial brand recognition in the personal development industry, a global market valued at $38 billion in 2019, according to Grand View Research. Through the acquisition, eXp World Holdings will obtain SUCCESS's established print distribution model and digital footprint, which has a combined reach of over 6 million including print readers, SUCCESS.com website visitors and social media followers. The acquisition also includes valuable intellectual property and assets in the personal development industry, which eXp will leverage to enhance all of the eXp brands while expanding SUCCESS's reach.
The addition of SUCCESS will amplify eXp's existing efforts to teach personal development skills. Through SUCCESS's established print and digital platforms and eXp's immersive 3D Virbela technology, eXp plans to create an ecosystem to support content, coaching, training and events in the entrepreneurial, personal development and leadership space. One of the first initiatives is to create on-demand coaching and best-in-class digital courses for business leaders across the country.
"From inception, eXp has valued personal development as a key underpinning of the success of real estate professionals. We began distributing SUCCESS magazine to every eXp agent and broker as a part of this commitment to help them succeed at the highest level," said eXp World Holdings CEO and Founder Glenn Sanford. "When the opportunity to acquire SUCCESS was presented to me by Stuart Johnson and Success Partners, I was all over it, because of what the publication means to me and to so many sales people and entrepreneurs. Our goal is to continue to invest and expand the SUCCESS brand. By extension, this will be an investment in our agents, brokers and eXp staff, as well as a value-add for the existing SUCCESS audience."
SUCCESS and its assets were previously owned by Success Partners, based in Plano, Texas.
"In considering the sale of an institution as meaningful and influential as SUCCESS, I wanted to entrust the brand with new ownership that would continue to serve the legacy SUCCESS audience," said Success Partners CEO and Founder Stuart Johnson. "I know Glenn Sanford's vision, values and integrity. During their upcoming stewardship, I am confident he and eXp will always put the community first."
"The mission of eXp World Holdings and SUCCESS are naturally aligned," said SUCCESS magazine's Editor-in-Chief Josh Ellis. "More people than ever are seeking work in the freelance or gig economy, as well as all forms of 'solopreneurship'. To compete in this growing marketplace, many will pursue the personal development resources required to help them learn new skills. Our first offering together will combine our expertise and perspective with eXp's immersive technology platform Virbela to help these people reach their greatest potential."
Throughout the transition of ownership, SUCCESS will remain led by a talented team of journalists and strategists including Chief Storytelling Officer Kindra Hall, Director of Digital & Commerce Lauren Cannon and Ellis. SUCCESS also welcomes Don Hobbs who is joining the team as President of SUCCESS Enterprises and will lead strategy and brand expansion.
"I am honored to contribute to SUCCESS's 123-year legacy and to bring my strategy and brand development expertise to the team," said Hobbs. "SUCCESS's long-standing history paired with eXp's forward-thinking vision creates a timelessness that elevates both brands and promotes continued growth."
The acquisition is currently in the early stages and is expected to be completed by first quarter 2021. For more information about eXp World Holdings and their subsidiaries go to www.expworldholdings.com.
SUCCESS is a U.S.-based business magazine that was founded in 1897 by achievement philosopher Orison Swett Marden. In its 123-year lifespan, SUCCESS has become one of the leading publications in the United States covering personal and professional development through inspiration, motivation and training. In addition to SUCCESS magazine, the brand's media properties include SUCCESS.com, SUCCESS newsletters, podcasts, digital training courses and affiliated social media accounts across platforms.
About eXp World Holdings, Inc.
eXp World Holdings, Inc. (Nasdaq: EXPI) owns eXp Realty and Virbela.
eXp Realty, The Real Estate Cloud Brokerage, is one of the fastest-growing, global residential real estate companies with more than 38,000 agents in the United States, Canada, the United Kingdom, Australia and South Africa. As a subsidiary of a publicly traded company, eXp Realty uniquely offers real estate professionals within its ranks opportunities to earn eXp World Holdings stock for production and contributions to overall company growth.
Virbela is an immersive technology platform for business, events and education. Its modern, cloud-based environment provides a virtual experience for workers, attendees, students and more to communicate, collaborate, meet and socialize. For more information, visit the company's website at virbela.com.
For more information, please visit the company's website at https://expworldholdings.com.
Safe Harbor Statement
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Such forward-looking statements speak only as of the date hereof, and the company undertakes no obligation to revise or update them. These statements include, but are not limited to, statements about the economic and social effects of the COVID-19 pandemic; continued growth of our agent and broker base; expansion of our residential real estate brokerage business into foreign markets; demand for remote working and distance learning solutions and virtual events; development of our new commercial brokerage and our ability to attract commercial real estate brokers; and revenue growth and financial performance. Such statements are not guarantees of future performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include changes in business or other market conditions; the difficulty of keeping expense growth at modest levels while increasing revenues; and other risks detailed from time to time in the company's Securities and Exchange Commission filings, including but not limited to the most recently filed Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
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