Zoopla Property Group is to acquire housing and mortgage research firm Hometrack, which will continue to operate as a standalone business.
Automated valuation model provider Hometrack was founded in the UK in 1999 and expanded to Australia in 2007. The business generated revenues of £15.5m and adjusted EBITDA of £7.1m in the year to 30 June 2016 and has 55 staff operating out of offices in London and Sydney.
Hometrack currently partners with 15 mortgage lenders in the UK as well as all four leading Australian mortgage lenders.
As part of ZPG, Hometrack will continue to be headed up by current chief executive Charlie Bryant.
Bryant says: “We have had a long-standing relationship with ZPG and share the same vision of using data to help our partners operate more effectively. My team and I are very much looking forward to helping develop ZPG’s data services business, further growing the quality and breadth of the services to our partners and cementing ZPG as the market leader for residential property market insights and analytics.”
Alex Chesterman, founder and chief executive of ZPG Alex Chesterman says, “The deal gives us unrivalled capabilities to serve our estate agent and developer partners even more effectively with market-leading valuation tools and data intelligence to help them win more business. Hometrack is a perfect fit for us and I forward to welcoming Charlie and his team to the ZPG family.”