Trulia is an online real estate company that can determine the value of properties based on proprietary algorithms. Trulia has announced that they are acquiring real estate SaaS CRM company Market Leader for $355 million. Trulia and Market Leader will now have a total of 46,000 premium subscribers.
Trulia estimates that the entire customer chain in the real estate marketing and software market is worth about $24 billion. This acquisition is expected to help the combined companies serve that market with sophisticated options.
The deal is based on an implied price of $11.33 per share based on Trulia’s closing share price on Tuesday May 7, 2013. Market Leader’s shareholders will receive $6 in cash and 0.1553 shares of Trulia’s common stock for each share of Market Leader common stock.
?Our acquisition of Market Leader will create unprecedented value for our customer base while also accelerating our growth,? stated Trulia CEO Pete Flint. ?Marrying our 31 million ? and increasing ? monthly unique visitors with Market Leader?s robust offerings and extensive partnerships with leading real estate franchisors and brokerages creates a company that will play an even more integral role driving value to the real estate industry. Together, we will help brokerages and franchisors enhance the productivity of their agents by offering them the most comprehensive, end-to-end solution via web and mobile devices. Our combined platform also will enable agents to increase their follow-up capabilities, engagement with clients and the return on investment on their leads.?