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Zillow Group To Acquire DotLoop

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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 11(th) 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(R),
Trulia(R), StreetEasy(R) and HotPads(R). 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(R),
Mortech(R), Diverse Solutions(R), Market Leader(R) and Retsly(TM). 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.

Posted-In: News M&A

 

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