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Why Zillow Just Acquired Retsly

NEW YORK (TheStreet) –– Zillow (Z - Get Report) is pushing further into the online real estate space through acquisitions. On Wednesday, it announced that it has acquired Retsly, a Vancouver-based software maker that crunches real estate data from multiple listing services (MLS).

The one-year-old startup, which will continue to operation in Vancouver, also provides MLS tools to manage software applications in their market and ensure their content is being used appropriately. Terms of the deal were not announced. At the end of the March quarter, Zillow had $309.4 million in cash, cash equivalents and short-term investments on its balance sheet.

"Retsly is a really exciting new vision for how real estate participants choose to work together," Greg Schwartz, Zillow's Chief Revenue Officer said in an interview with TheStreet. "It allows MLS's to make the real estate space more efficient. What Retsly allows us to do is supercharge the idea to drive productivity in our industry and engage with MLS's, while allowing MLS's to monetize data more effectively."

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Retsly will "spur tremendous innovation" in the real estate space, "enabling developers to build software that works across MLS boundaries and without the overhead of dealing with local data formats," Zillow CEO Spencer Rascoff said in the press release. "Retsly's team and cutting-edge technology is a great fit with Zillow and aligns with our goal to offer great value and services to our industry partners."

Retsly is Zillow's eighth acquisition and the sixth one that offers business-to-business tools for local professionals. Previous acquisitions include HotPads, StreetEasy and others.

"We are committed to providing the software development community with tools that make it easier to build amazing technology products and applications for real estate professionals," Retsly's co-founder Joshua Lopour said in the release. "With Zillow, we look forward to accelerating the growth of a vibrant software community within the industry."

--Written by Chris Ciaccia in New York

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