Holy Zhit! Looks like Zillow had that IPO money burning a hole in their pocket! I hinted about this deal last month via Twitter but decided not to publish since I didn’t have a second confirmation.
$7.8 million in cash and stock, nice.
Big congrats to Justin! Big question, how will MLS providers react to this deal?
http://www.zillow.com/blog/2011-11-02/zillow-acquires-diverse-solutions/
UPDATED: Wurzer has some good perceptive on this deal: FBS Blog
Correction- they reported 5.54 mill in cash, the rest in stock to the ceo. not a bad deal. and positions them nicely for the NAR’s new IDX/advertisng rule.
those guys are Zmarter than some think……
Any idea of Diverse Solution’s revenue?
6000 customers they report, maybe each averaging $60/month is my guess. u do the math, its getting late in St Pete Fl.
🙂
stop calculating…guess the sales price almost 1,5 times gross?
Not unheard of. Plus got confirmation of the Tarasoft sales price:
“At September 30, 2011, CoreLogic had cash of $138.7 million. During the third quarter, the Company acquired Tarasoft Corporation, a leading provider of Multiple Listing Service systems software to the real estate industry for $30.3 million and also retired a pension-related note of approximately $17.0 million.”
http://www.sys-con.com/node/2047785