Adds Professional Products and Services for Landlords, Property Managers and Rental Brokers
SEATTLEandSAN FRANCISCO, June 1, 2012(GLOBE NEWSWIRE) --Zillow, Inc.(Nasdaq:Z), the leading real estate information marketplace, today announced it has completed the acquisition ofSan Francisco-basedRentJuice Corporationfor approximately$40 millionin cash. The planned acquisition was announced last month. RentJuice® provides rental relationship management software for landlords, property managers and rental brokers to help them market their inventory to renters and manage client relationships. RentJuice currently serves more than one million rental units and its rental listings are syndicated to numerous websites, including Zillow®. "We see a huge market opportunity in rentals. More than seventy percent of movers each year are renters and rental units turn over six times as frequently as homes for sale, yet the professional market is highly fragmented," saidSpencer Rascoff,ZillowCEO. "RentJuice's marketing and productivity tools are an incredible resource for rental professionals and this acquisition is a valuable accelerant in buildingZillow'sown rental marketplace. We are incredibly excited to officially welcome the entire RentJuice team toZillow." RentJuice, which launched in 2009, will continue to operate from itsSan Francisco office. The company's founder and CEODavid Viverohas been named vice president of rentals atZillow, reporting directly to Rascoff. "Zillowis the unrivaled category leader and we're excited to become part of the team that's recognized as pioneering technology and innovation across the entire real estate industry," said Vivero. Rentals isZillow'snewest home-related marketplace that represents a sizable and growing market inthe United Stateswith more than 93 million renters in 43.4 million rental units, according to the latest Census. Currently, more than six million renters already visitZilloweach month via mobile and the Web. RentJuice is the third acquisition byZillow. In spring 2011, the company acquired Postlets, a leading online real estate listing creation and distribution platform, and, in fall 2011,Zillowacquired Diverse Solutions, which helps real estate agents market their businesses and improve their personal websites. Each of these companies provides valuable services that support Zillow's strategic expansion beyond a traditional media model to offer a suite of marketing and business services to local professionals. SOURCE ZILLOW.COM
