Zoopla acquires PropertyFinder from Newscorp for #2 slot in UK online real estate
Alex Chesterman, Doug, Simon and team Zoopla just completed on the acquisition of PropertyFinder to change the playing field in online property in the UK. Zoopla has also acquired ThinkProperty.com last month from the Guardian Media Group. Atlas Venture is the largest shareholder in Zoopla and has been there since the start alongside the management team.
We are delighted to welcome the new team members on board and to keep building on the work they have done at PropertyFinder to take aim at RightMove.
Together we all hope we can build an innovative market leader that will continue to deliver great service to agents and a truly differentiated consumer offering, merging listings, pricing and other features unique to Zoopla. Besides the talent there are other tangible assets including over 3 million uniques and £7M of mostly recurring revenues.
Transformational is what it is, but for me it is not surprising to see innovative startups being the natural consolidators. The intense difficulty involved in building and retaining traffic extremely cheaply and delivering fantastic front-end experience is not diminished by the ease of launching new services and decreased technology costs. The extremely disappointing PropertyLive.co.uk is a perfect example of how tough it is to make it work.
Solace will come from the innovators !