Move.com Acquires Relocation.com For $11.5 Million
Move.com has acquired Relocation.com. Move.com is an online real estate company and Relocation.com is an online marketplace that connects home buyers with renters. Relocation.com also connects home buyers and renters with movers and storage professionals. Through the acquisition, Move.com will become the #1 player in online moving service. Move.com now owns Moving.com and Relocation.com.
Move.com aims to be a one-stop destination for real estate listings and adjacent services like moving and storage.
“Our goal is to create the leading online marketplace for real estate related information and services,” stated Move.com CEO Steve Berkowitz. “Bringing Relocation.com under the Move umbrella and merging it with our Moving.com business extends our value to consumers by increasing the resources and tools at their disposal. At the same time, it extends our value to the industry by giving the 40 million Americans who move each year more reasons to engage with us.”
Relocation.com is an online resource for consumers that are preparing to move to a new home or apartment. Move.com works with pre-screening and licensing moving and auto transport to help reduce the stress consumers have with the relocation process.
Move.com acquired $11.5 million in cash. Around $9.5 million was paid on the close. The financial impact of the transaction will be reflected in Move.com’s fourth quarter 2012 financial statements. The acquisition is is expected during the company’s third quarter earnings calls.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry