reAlpha Tech Corp. Completes the Acquisition of Naamche

reAlpha Tech Corp. (“reAlpha” or the “Company”) (Nasdaq: AIRE), a real estate technology artificial intelligence (“AI”) company, today announces the completion of its previously announced acquisitions of Naamche, Inc. and Naamche, Inc. Pvt. Ltd. (collectively, “Naamche”) (the “Acquisitions”), a technology firm focused on developing AI-powered solutions for large industries, including real estate.

As a result of the Acquisitions, reAlpha added a talented team of 43 AI engineers, developers, UX designers and creatives to its roster, who will conceptualize, design and implement real estate-focused digital products to meet the demand of a rapidly digitizing real estate industry. Furthermore, Naamche’s existing expertise in AI, machine learning (“ML”) and data engineering will enhance reAlpha’s product portfolio and bolster its research and development program. For example, Naamche engineered reAlpha’s recently announced product Claire, its “commission-less” AI platform for real estate property buyers, which is currently under limited availability in Palm Beach, Miami-Dade, and Broward counties in the State of Florida.

“This transaction marks a milestone in our strategy to build and scale our capabilities for creating and delivering AI-powered real estate solutions,” said Giri Devanur, CEO of reAlpha. “We are pleased to integrate Naamche’s talented team into our workforce and look forward to our collaboration to continue seeking real-estate focused product innovation.”

“We are excited to join forces with reAlpha and contribute our expertise in AI and technology to help drive innovation in the real estate industry,” said Ramesh Pathak, CEO of Naamche. “Together, we believe we will be well-positioned to develop cutting-edge solutions for the real estate industry and to modernize its digital landscape.”

Naamche was founded in 2020 by Ramesh Pathak, Barun Pandey and Saramsha Dotel.

The Acquisitions, which were previously approved by reAlpha’s Board of Directors, consisted of a purchase price that included a combination of cash and equity. For additional details concerning the terms of the Acquisitions, please see the Company’s Current Reports on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on December 4, 2023 and February 8, 2024.