Zoopla has swooped on property data company Hometrack in a deal worth £120m.
Alex Chesterman’s wildly successful portal, which has only been going since 2008, announced the news this afternoon, describing its latest acquisition as “the clear market leader in automatic valuation model (AVM) services in the UK and a leading player in Australia”.
Hometrack was set up in 1999 and has 55 staff providing UK and Australian investors, advisers, developers and housing associations with market intelligence and valuations. According to the spiel, 17 of the UK’s top 20 mortgage lenders now use its services and over 50 million automated valuations are churned out each year. The firm will continue to operate as a separate business.
CEO Charlie Bryant: “We have had a long-standing relationship with Zoopla and share the same vision of using data to help our partners operate more effectively.”
Chesterman added: “The deal will allow us to serve our consumers and partners even more effectively and gives us unrivalled data capabilities in the residential property market. Hometrack is a perfect fit to develop our data services business.”
Zoopla snapped up price comparison site Uswitch for a whopping £190m in 2015.