Zoopla Property Group to acquire Hometrack
Zoopla Property Group (ZPG) announced that it has agreed to acquire Hometrack.co.uk Limited (“Hometrack”), the UK’s leading provider of residential property market insights and analytics.
Established in 1999, Hometrack is the UK’s #1 automated valuation model (AVM) provider and one of the leading AVM providers in Australia, generating over 20 million automated property valuations per annum. Hometrack provides residential property market insights, analytics, valuations and data services to over 400 partners including mortgage lenders, new home developers, investors, housing associations and local authorities.
Hometrack currently partners with 15 of the top 20 mortgage lenders in the UK as well as all 4 leading Australian mortgage lenders and its UK AVM is recognised by all the major ratings agencies.
The business, which generated revenues of £15.5 million and adjusted EBITDA of £7.1 million in the year to 30 June 2016, has 55 staff operating out of offices in London and Sydney.
The acquisition of Hometrack is another step in ZPG’s mission to be the most effective partner for its estate agency and new home developer partners. The combination brings together two of the UK’s leading residential property market insights and analytics providers, creating the most valuable property resource in the UK.
Hometrack has a strong management team with deep data, property market and analytical expertise and with 55 staff operating out of offices in London and Sydney. Following completion, Hometrack will continue to operate as a standalone brand and platform with the team forming the cornerstone of ZPG’s data services business, which will be headed up by Charlie Bryant, CEO of Hometrack.
Commenting on today’s announcement Alex Chesterman, Founder & CEO of ZPG said, “We are delighted to announce the acquisition of Hometrack, the clear market leader in AVM services in the UK. 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. Hometrack is a perfect fit for us and I forward to welcoming Charlie and his team to the ZPG family.”
Commenting on the Acquisition, Charlie Bryant, Chief Executive Officer of Hometrack said: “We have had a long-standing relationship with ZPG and share the same vision of using data to help our partners operate more effectively. My team and I are very much looking forward to helping develop ZPG’s data services business, further growing the quality and breadth of the services to our partners and cementing ZPG as the market leader for residential property market insights and analytics.”