Zoopla Property Group (ZPG) acquired residential property data company Hometrack for an undisclosed amount, and said the acquisition was another step on the road to ZPG becoming “the U.K.’s most valuable residential property resource”.
Established in 1999, Hometrack is the U.K.’s No. 1 automated valuation model (AVM) provider, and one of the leading AVM providers in Australia, generating over 20 million automated property valuations per annum, the company said (here).
Hometrack will continue to operate as a standalone brand and platform, with the team forming the cornerstone of ZPG’s data services unit, headed by Charlie Bryant, CEO of Hometrack.
Hometrack generated revenue of £15.5 million ($19.4 million U.S.) and an adjusted EBITDA of £7.1 million in the year to June 30, 2016, with a staff compliment of 55 people operating out of offices in London and Sydney.
Hometrack provides residential property market insights, analytics, valuations and data services to 400 partners, including mortgage lenders, new-home developers, investors, housing associations and local authorities.
It partners with 15 of the top 20 mortgage lenders in the U.K. and all four, leading Australian mortgage lenders. In the U.K. its AVM is recognized by all major ratings agencies.
The deal brings two of the U.K.’s leading residential property market insights and analytics providers together, creating the most valuable property resource in the U.K., the company said.
Alex Chesterman, founder and CEO of ZPG, said, “The deal gives us unrivalled capabilities to serve our estate agent and developer partners even more effectively with market-leading valuation tools and data intelligence to help them win more business.”