SEATTLE and CINCINNATI, July 22,
2015 /PRNewswire/ -- Zillow Group (NASDAQ:Z), which
houses a portfolio of the largest and most vibrant real estate and
home-related brands on mobile and Web, today announced it has
entered into a definitive agreement to buy DotLoop, a Cincinnati-based company that simplifies real
estate transactions by enabling brokerages, real estate agents, and
their clients to share, edit, sign and store documents digitally.
The transaction is subject to the satisfaction of customary closing
conditions and is expected to close in the third quarter of
2015.
This acquisition is an extension of Zillow Group's commitment to
empowering buyers, sellers and real estate professionals with tools
and information to make their lives easier. Everyone involved in a
real estate transaction – brokers, agents, homebuyers, sellers, and
other participants including lenders and inspectors – wants to
streamline what is a lengthy and complex process. DotLoop brings
the transaction online, from the creation of a listing agreement to
the submission of offers to the actual closing, enabling the
process to move much more quickly and easily. Today, real estate
agents create more than 300,000 loops (an agent's online workspace)
and nearly half a million people sign real estate documents in
DotLoop each month.
"Real estate transactions are already moving online – it's what
home buyers, sellers and real estate professionals want. We're
incredibly excited by DotLoop's innovation and leadership in making
digital transactions a reality," said Spencer Rascoff, CEO of Zillow Group. "Now we
will be able to make their technology more readily available to
Zillow Group's 10,000 broker partners and the agents they
represent, as well as our approximately 100,000 real estate agent
advertisers, resulting in a smoother and more efficient transaction
process for everyone."
"As we've long said, the future of real estate is people-work,
not paperwork. That's why we are committed to removing the friction
involved in paper-based real estate transactions," said
Austin Allison, Founder and CEO of
DotLoop. "Becoming part of Zillow Group will provide us with new
resources to help us grow and expand our business, while we add
value to our current customers by offering increased support and
faster product development."
DotLoop, which was founded in 2009, is led by Austin Allison who has been recognized across
the real estate industry for his leadership and innovation
including winning Inman News 2012 Innovator of the Year, inclusion
in Forbes 30 Under 30 in 2012, and being named the 11th
most powerful real estate technology executive in the Swanepoel
Power 200 Report. Post-close, Austin
Allison will continue to lead DotLoop as founder and general
manager and will report to Errol
Samuelson, Zillow Group's chief industry development
officer.
DotLoop has 124 employees across its Cincinnati headquarters and office in
San Francisco. The company
previously raised $14 million in
funding from Trinity Ventures and angel investors.
Zillow Group
Zillow Group (NASDAQ:Z) houses a portfolio of the largest real
estate and home-related brands on the Web and mobile. The company's
brands focus on all stages of the home lifecycle: renting, buying,
selling, financing and home improvement. Zillow Group is committed
to empowering consumers with unparalleled data, inspiration and
knowledge around homes, and connecting them with the right local
professionals to help. The Zillow Group portfolio of consumer
brands includes real estate and rental marketplaces Zillow®,
Trulia®, StreetEasy® and HotPads®. In addition, Zillow Group works
with tens of thousands of real estate agents, lenders and rental
professionals, helping maximize business opportunities and connect
to millions of consumers. The company operates a number of business
brands for real estate, rental and mortgage professionals,
including Postlets®, Mortech®, Diverse Solutions®, Market Leader®
and Retsly™. The company is headquartered in Seattle.
Zillow, Postlets, Mortech, Diverse Solutions, StreetEasy, and
HotPads are registered trademarks of Zillow, Inc. Retsly is a
trademark of Zillow, Inc. Trulia is a registered mark of Trulia,
Inc. Market Leader is a registered trademark of Market Leader, Inc.
DotLoop is a registered trademark of DotLoop, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that involve
risks and uncertainties, including, without limitation, statements
regarding Zillow's proposed acquisition of DotLoop and the expected
benefits of the transaction; the way in which the transaction will
impact consumers, real estate professionals, and industry partners;
the growth rate of the combined company; and our ability to realize
opportunities of scale. Statements containing words such as "may,"
"believe," "anticipate," "expect," "intend," "plan," "project,"
"will," "projections," "estimate," or similar expressions
constitute forward-looking statements. Such forward-looking
statements are subject to significant risks and uncertainties and
actual results may differ materially from the results anticipated
in the forward-looking statements. Factors that may contribute to
such differences include, but are not limited to, the risk that the
businesses may not be combined successfully; and the possibility
that the transaction will not close. The foregoing list of risks
and uncertainties is illustrative, but is not exhaustive.
Additional factors that could cause results to differ materially
from those anticipated in forward-looking statements can be found
under the caption "Risk Factors" described in Zillow Group, Inc.'s
Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 2015 filed with the
Securities and Exchange Commission, or SEC, and in Zillow Group's
other filings with the SEC. Except as may be required by law,
Zillow Group does not intend, and undertakes no duty, to update
this information to reflect future events or circumstances.
(ZFIN)
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SOURCE Zillow Group