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SEATTLE and SAN FRANCISCO, Dec. 14, 2012 (GLOBE NEWSWIRE) -- Zillow, Inc. (Nasdaq:Z), the leading real estate information marketplace, today announced it has completed the acquisition of San Francisco-based HotPads, a map-based rental and real estate search site, for approximately $16 million in cash. The company announced its plans to acquire HotPads on Nov. 26. This is Zillow's first acquisition of a consumer-facing company.
HotPads™ is an established and significant player in rentals for both consumers and professionals, offering a robust website and five mobile apps across iPhone®, iPad® and Android™. Nearly 2.8 million unique users visited HotPads in October
i, primarily to shop for rentals. The addition of HotPads allows Zillow® to expand the size of its growing rental audience and extend the reach of its marketing tools and productivity solutions for rental professionals.
"HotPads brings a younger, complementary and rental-focused audience to Zillow's growing portfolio of brands," said Spencer Rascoff, CEO of Zillow. "With this acquisition, Zillow becomes even more relevant to consumers at the beginning of their real estate life cycle. And with the addition of the talented HotPads team, we'll be able to innovate and monetize our rental marketplace faster than before. We're thrilled to officially welcome HotPads to Zillow."
Founded in 2005, HotPads has 19 employees, who will continue to be based in San Francisco and eventually operate from Zillow's new consolidated San Francisco office, which is expected to open in early 2013. HotPads co-founder and CEO Matt Corgan has been named Group Program Manager, continuing to oversee the HotPads brand and products.
"We're incredibly excited to join Zillow and to continue to empower consumers with information and resources to help them quickly and easily find the best place to live," said Corgan. "With Zillow's resources, not only will we be able to innovate faster on the behalf of the consumer, but now we can offer rental professionals unmatched productivity tools to help them better market and manage their listings."