Teranet is making a strategic investment in the R-LABS Canada Limited Partnership, a partnership of corporations working to deliver innovation in the real estate industry.
“Working in the R-LABS Open Innovation Program, Teranet’s capabilities across data and analytics, digitized workflow solutions and managed services will help create new technology enabled businesses that can help solve key challenges in housing and commercial real estate,” says the partnership.
“I’ve had the opportunity to deliver industry innovation with Teranet in the past as the founder of RealNet Canada,” says George Carras, founder and CEO of R-LABS. “We are very excited to work again with the Teranet team in taking R-LABS industry innovation to the next level and help Canada be a global leader in real estate innovation.”
“Partnering with R-LABS enables us to further our strategic vision for building stronger communities and economies,” says Teranet president and CEO Elgin Farewell.
The partnership “creates exciting opportunities for R-LABS, real estate industry stakeholders, and corporations across other industries that can help solve problems in real estate through open innovation and purpose-driven company building,” says the news release.
With this investment in R-LABS, Teranet joins a group of industry partners that includes Oxford Properties, Dorsay Development and Empire Communities.
Founded in 1991, Teranet operates the Electronic Registration System for the Province of Ontario, the Land Titles and Personal Property registries end-to-end for the Province of Manitoba and Collateral Management Solutions, working in Canadian lien registration and search, asset recovery services and insolvency management.
“The residential and commercial real estate markets in Canada and around the world are operating in an opportunity-rich environment as people, the industry and governments work to manage housing affordability and changes in how we work, shop and live,” says the partnership. “R-LABS was established in 2018 with deep innovation experience in the sector, a strong partner network and a unique venture-building platform designed to solve these challenges and deliver value through industry innovation.”