Zilllow announced today that they have entered into an agreement to acquire RentJuice Corporation. RentJuice offers software solutions to landlords, property managers, and rental brokers. The deal gives Zillow users better, more professional tools for engaging the renters market. Zillow is already a leader in the rental search market and receives about 5 million hits each month.
Spencer Rascoff, Zillow CEO comments on the addition of RentJuice:
"Zillow has spent the last six years building robust marketplaces for real estate and mortgages, and we are in the midst of growing our rental marketplace, which has tremendous potential,"
"The acquisition of RentJuice, with its talented team and innovative solutions for rental professionals, propels Zillow's rental marketplace ahead by years. We are very excited to welcome the RentJuice team into Zillow."
The deal will cost Zillow about $40 million in cash and of course, is should be closing before the end of the second quarter of 2012. RentJuice has been around since 2009 and currently has about 30 employees.
RentJuice CEO David Vivero comments on joining Zillow:
"At RentJuice, we are passionate about improving the way the rental market does business, and making the lives of rental professionals easier,"
"Becoming a part of Zillow will allow us to invest more and innovate faster on behalf of the leasing professionals we support."
The deal sounds like it will be beneficial to both companies. As I said before the deal should be closed by the beginning of July this year.