News Corp Completes Acquisition of Opcity
NEW YORK--(BUSINESS WIRE)--Oct 11, 2018--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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181011005796/en/
CONTACT: News Corp Corporate Communications
Move, Inc. Corporate Communications
News Corp Investor Relations
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SOURCE: News Corp
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PUB: 10/11/2018 04:05 PM/DISC: 10/11/2018 04:05 PM