SEATTLE and LINCOLN, Neb., Nov. 5, 2012 /PRNewswire/ -- Zillow, Inc. (NASDAQ: Z), the leading real estate information marketplace, today announced it has entered into a definitive agreement to acquire Mortech, Inc. , a mortgage technology company that provides essential software tools to the mortgage industry, for approximately $12 million in cash and 150,000 shares of restricted stock. The transaction is subject to satisfaction of customary closing conditions and is expected to close in the fourth quarter of 2012.
This acquisition accelerates the development of Zillow® Mortgage Marketplace, Zillow's lending marketplace where borrowers can connect instantly with reputable lenders to get personalized loan options and real-time mortgage rates. Now Zillow will deliver valuable marketing and productivity solutions to mortgage professionals to help them manage their business, and convert more borrower contacts to funded loans. Currently on Zillow Mortgage Marketplace, borrowers submit more than 1 million loan requests per month and receive on average 25 customized quotes, which they can compare alongside over 22,000 lender reviews.
"We are following our proven strategy of building home-related marketplaces. In the case of Zillow Mortgage Marketplace, we first innovated on behalf of consumers by creating a transparent marketplace where the borrowers' needs come first, then we connected borrowers with lenders, and now we are investing in tools to help lenders be even more successful serving consumers," said Spencer Rascoff, Zillow's CEO. "Enhancing the capabilities of mortgage lenders ultimately leads to a more vibrant and transparent consumer experience."
Founded in 1987, Mortech™ is based in Lincoln, Neb. and has 39 employees. Mortech's subscription-based software solutions include:
- A product and pricing engine to help lenders quickly match the right mortgage products to the needs of a borrower at the best prices
- A lead management platform to help lenders efficiently serve borrowers from multiple channels both online and offline
- Marketing tools to keep lenders' brand and rate quotes in front of borrowers throughout the mortgage shopping process
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