Infocasa has deliberately changed its revenue strategy but if we assume for a hot second they didn’t and maintained their Q1 2024 rev of 5.3mill then FDV’s stable achieves 15% rev growth yoy. More tailwinds too.
What most are missing here is Ricardo is positioning IRIS2.0 and Centrify (and other initiatives) into the fold between Agents and Developers. Spending less, profiting more. King Ricardo!
Whilst EBITDA doesn’t reflect this as a success yet, if I’m reading the tea leaves correctly, reshuffling the IRIS2.0 as an MLS (protecting new builds from agentic AI) and using centrify intelligently to sign up the developers/builders in the “process” seems to be playing out.
Looking forward, IRIS2.0 can facilitate more deals with less churn for developers and agents, and remove the administrating friction too. Win win win, nice
Throw in some transaction marketplace add ons and over iris2.0 is the business.
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