Neighborhood Intelligence, parent of Bed Bath & Beyond and Kirkland’s, has terminated its merger agreement with real estate services platform Fathom. 

The boards of both companies believed a merger at current valuations would not appropriately reflect the fair value of either company, and that the timing is not right to combine their businesses.

Fathom integrates residential brokerage, mortgage, title, insurance and SaaS (Software as a Service) offerings powered by IntelliAgent, its proprietary cloud-based software. 

Neighborhood Intelligence announced its plans to acquire the business in June, saying that the technology capabilities will accelerate its vision to create the nation’s first end-to-end homeownership platform.  

Despite the termination, the two companies intend to continue exploring ways to collaborate. Areas under consideration include data sharing and the use of each company’s complementary businesses, technology, relationships and other assets.

“Our responsibility is to continually evaluate the best path to maximize long-term value for our shareholders,” said Marcus Lemonis, chairman and CEO of Neighborhood Intelligence. 

“After listening to shareholders and reviewing the alternatives, we believe retaining ownership and control of our blockchain assets while allowing Tzero to continue executing its plan is the appropriate path.”

This is the second merger deal that Neighborhood Intelligence has canceled in just a month. The company previously terminated its proposed acquisition of F9 Brands, which owns Cabinets To Go and Lumber Liquidators.