Back in early May, Zillow announced plans to acquire software solutions provider, RentJuice into its real estate business. The plan was to have the deal complete by early July, but today Zillow announced that the acquisition is complete.
The deal was negotiated by a third party and cost Zilllow about $40 million in cash. RentJuice brings with it custom designed software solution designed specifically for landlords, rental brokers, and property managers. Last Fall, Zillow also acquired Diverse Solutions, a company dedicated to developing real estate websites and improving marketing efforts.
Spencer Rascoff (pictured above), Zillow CEO comments on the RentJuice acquisition:
"We see a huge market opportunity in rentals. More than seventy percent of movers each year are renters and rental units turn over six times as frequently as homes for sale, yet the professional market is highly fragmented,"
"RentJuice's marketing and productivity tools are an incredible resource for rental professionals and this acquisition is a valuable accelerant in building Zillow's own rental marketplace. We are incredibly excited to officially welcome the entire RentJuice team to Zillow."
RentJuice founder and CEO David Vivero will now serve as vice president of rentals at Zillow. He will be reporting directly to Spencer Rascoff, and is excited to be part of the Zillow real estate team.
David Vivero comments on his addition to the Zillow team:
"Zillow is the unrivaled category leader and we're excited to become part of the team that's recognized as pioneering technology and innovation across the entire real estate industry,"
Zillow's newest marketplace is called Rentals and it carries 93 million renters at over 43 million rental locations. Zillow receives over 30 million unique visitors to their various sites every month.