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Zoopla announces Hometrack purchase

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  • 01/02/2017
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Zoopla announces Hometrack purchase
Property portal Zoopla has announced it has agreed to buy automated valuation model (AVM) provider Hometrack for £120m.

Hometrack says that 15 of the UK’s top 20 mortgage lenders make use of its valuation services, as well as four Australian lenders. In total the firm carries out over 20 million AVMs each year. Hometrack will continue to operate as a standalone firm and brand.

Alex Chesterman, founder and chief executive officer of Zoopla Property Group, said that Hometrack was a “perfect fit” to develop its data services business. He 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.”

Charlie Bryant, chief executive office of Hometrack, said the firms had worked together for a long time and shared the same vision of using data to help firms and individuals make more informed decisions.

Ishaan Malhi, chief executive officer and founder of online mortgage broker Trussle – which is a “strategic partner” of Zoopla, said that Zoopla was building a “strong proptech ecosystem”, and suggested this acquisition was “another major step toward marking this consumer journey as seamless as current technology will allow”. Zoopla already owns uSwitch, PrimeLocation and Property Software Group.

Zoopla also revealed that it is currently in negotiations for another smaller acquisition which it expects to complete in the next couple of months

Zoopla announced soaring profits and revenues last year. Revenues jumped 84% to £197.7m, while profits grew 44% to £36.7m.

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