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The REA Group has announced that realestate.com.au has acquired 100 per cent of an analytical data provider to boost its data service offerings.
It will acquire 100 per cent of Hometrack Australia which is a provider of property data services to the financial sector.
The deal, subject to Australian Competition and Consumer Commission approval, would see realestate.com.au have access to Hometrack’s suite of products, including property data analytics and insights, customised data platforms and an automated valuation model.
The purchase of Hometrack will be a combination of funds, with $130 million to be funded from cash reserves and $70 million from debt.
Hometrack Australia CEO Brendan Darcy said that REA was the right move for Hometrack.
“REA is a natural fit for Hometrack in Australia. We are very excited to be joining REA, a company with a shared vision for excellence in data and insights.”
Mr Darcy will continue to lead Hometrack Australia and it will operate under its current structure and brand.
REA Group CEO Tracey Fellow said that the acquisition would give realestate.com.au more to offer to its customers.
“It’s an exciting move for our business and a natural extension for realestate.com.au. The acquisition allows us to deliver more property data and insights to our customers and consumers.”
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