Zoopla Property Group (ZPG) simultaneously released its earnings report for FY2017 and announced its first acquisition of the new financial year: Dutch property market analysis and valuations provider Calcasa. The purchase price was €30 million ($35 million U.S.) with a potential performance-based earn-out of €50 million ($59 million U.S.).
Under the terms of the acquisition, which is due to complete on December 1, 2017, Calcasa will continue to operate as a stand-alone brand out of its Delft headquarters. Co-founders Evert Van de Wauwer and Bas Meeuwissen will continue to manage its 15-strong team.
Calcasa is the leading provider of automated valuations in the Netherlands. It “provides a quick, accurate and reliable estimate of the current open-market and foreclosure value of a given residential property, based on comparable sales and hedonic regression techniques,” according to its website.
In a news release, ZPG noted that Calcasa brings a property database of more than 10 million unique price points, and offers “property valuation and risk analysis to more than 100 key stakeholders in the Dutch housing market, including mortgage lenders, brokers, investors, surveyors, estate agents, developers,” and so forth.
With this acquisition, Zoopla Property Group, which also owns Hometrack, provider of property data on the U.K. and Australia, claims to have created the “largest residential property-valuation database in Europe”.
To date, ZPG’s acquisitions have focused on either consumer comparison sites or software and services for property professionals. This purchase hints at broader ambitions, both in terms of international reach and enhancing the company’s data capabilities. Calcasa, which operates on a subscription model, is also expected to deliver revenue and enhance margins in its first full year.
Calcasa co-founder and CEO Evert Van de Wauwer said: “We are looking forward to helping to build on ZPG’s data capabilities and further develop its international presence as the market leader for residential property data analytics.”