News Corp Completes Acquisition of Opcity
October 11 2018 - 4:05PM
Business Wire
Market-leading tech platform will
enhance realtor.com® and lead generation offerings to
benefit real estate professionals and consumers
News Corp announced today that its subsidiary Move Inc.,
operator of realtor.com®, has successfully completed its
acquisition of Opcity, the market-leading real estate
technology platform that matches qualified home buyers and sellers
with real estate professionals in real time.
The acquisition broadens realtor.com®’s lead generation
product portfolio to include Opcity’s concierge-based
model. With its broker-centric model, Opcity has grown its U.S.
client base to over 5,000 brokerages and more than 40,000 agents
since 2015.
"Real estate is an increasingly significant part of the News
Corp portfolio, and the acquisition of Opcity deepens our
engagement with agents and homebuyers alike," said Robert Thomson,
Chief Executive of News Corp.
“Realtor.com® and Opcity share a consumer-first philosophy
that is focused on keeping real estate professionals at the center
of the transaction,” said Ryan O’Hara, CEO of Move, Inc. “Our
combination will enable us to more effectively bring buyers,
sellers and agents together, improving the consumer experience and
providing our industry partners with more opportunities to connect
with clients and grow their businesses.”
Opcity, with headquarters in Austin, Texas, will continue to
operate under its current brand. The acquisition purchase price is
$210 million, subject to adjustments.
Digital real estate services is News Corp's fastest growing
segment. Move, Inc. has nearly doubled its revenues since News
Corp’s acquisition in 2014 to $452 million in fiscal 2018. News
Corp, the most global digital property company, also owns 61.6
percent of REA Group Limited, the operator of the leading
Australian residential property
website, realestate.com.au.
About News Corp
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global,
diversified media and information services company focused on
creating and distributing authoritative and engaging content. The
company comprises businesses across a range of media, including:
news and information services, book publishing, digital real estate
services, and subscription video services in Australia.
Headquartered in New York, News Corp operates primarily in the
United States, Australia, and the United Kingdom, and its content
is distributed and consumed worldwide. More information is
available at: http://www.newscorp.com.
About Move, Inc.
Move, Inc. provides access to unsurpassed real estate
information, tools and professional expertise across a family of
websites and mobile experiences for consumers and real estate
professionals through all stages of the home journey. It has a
perpetual license to operate realtor.com® from the National
Association of REALTORS®.
The Move network includes realtor.com®, The Home of Home
Search℠, as well as Doorsteps®, Moving.com™ and SeniorHousingNet℠.
Realtor.com® pioneered the world of digital real estate 20 years
ago, and today helps make all things home simple, efficient and
enjoyable. Move also offers a complete solution of software
products and services to help real estate professionals serve their
clients and grow their business in a digital world, including
ListHub™, the nation’s leading listings syndicator and centralized
intelligence platform for the real estate industry; Top Producer®
Systems; FiveStreet℠ and Reesio as well as many free services. For
more information, visit realtor.com®.
About Opcity Inc.
Based in Austin, Texas, Opcity is modernizing the real estate
industry by matching top real estate professionals with
transaction-ready home buyers and sellers in real-time. Using
proprietary data sets and applied analytics, Opcity’s unique
technology and matching algorithm turn online inquiries into
transactions, drive increases in conversion, and provide real
estate professionals with centralized insights to effectively
manage their pipelines. Opcity’s growth has been fueled by
investment from Silicon Valley-based Icon Ventures, with
participation from artificial intelligence-focused Georgian
Partners, and Texas-based LiveOak Venture Partners. For more
information, visit http://www.Opcity.com.
Forward- Looking Statements
This release contains forward-looking statements based on
current expectations or beliefs, as well as assumptions about
future events, and these statements are subject to factors and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. The words
“expect,” “estimate,” “anticipate,” “predict,” “believe” and
similar expressions and variations thereof are intended to identify
forward-looking statements. These statements appear in a number of
places in this release and include statements with respect to,
among other things, the potential benefits of the proposed
acquisition. Readers are cautioned that any forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties. Factors such as matters arising in
connection with the parties’ efforts to comply with and satisfy
applicable regulatory approvals and closing conditions relating to
the acquisition could cause actual results to differ materially
from those described in these forward-looking statements. The
forward-looking statements in this document speak only as of this
date and the parties undertake no obligation (and expressly
disclaim any obligation) to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20181011005796/en/
News Corp Corporate CommunicationsJim
Kennedy212-416-4064jkennedy@newscorp.comorMove, Inc. Corporate
CommunicationsJanice McDill408-558-4620janice.mcdill@move.comorNews
Corp Investor RelationsMichael
Florin212-416-3363mflorin@newscorp.com
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