There's a certain point at which technology sectors reach a critical mass and start to coalesce through mergers and acquisitions. Proptech is on that cusp now.

Investment bank William Blair released a white paper titled "PropTech Sector Sees Growing M&A Interest as Macro Trends Reshape Real Estate Market." Another way of putting it is that there's enough business out there and enough money that people want to start scaling up and dominating spaces.

William Blair wrote that "technological innovation is shaping the real estate sector as investors and innovative companies seek to address all parts of the home-buying value chain and improve the experience of real estate agents, consumers, and every other constituent in the massive ecosystem (e.g., lenders, insurers, brokers, appraisers, title). William Blair has completed 12 M&A deals in the property technology ("PropTech") sector in the past two years, totaling over $10 billion of deal volume."