Through its subsidiary Move, Inc. and in a deal worth $210 million, News Corp (NASDAQ:NWSA) has agreed to acquire Opcity. The two companies have individual strengths, which each of them can utilize. On one hand, News Corp diversifies in various businesses across a range of media. On the other end, the Austin, Texas-based company Opcity thrives in unique technology and matching algorithm. At the center is Move, which provides the solution of software products and services to real estate professionals as they serve their clients.
Opcity brings the expertise of lead generation through a product portfolio. This will allow real estate professionals to make choices between traditional lead products and a concierge-based model. The company’s technology platform will help in bringing together competent home buyers and sellers with real estate professionals.
The acquisition solidifies a dramatic rise for Opcity
Opcity launched its operations in 2016 and since then it has been experiencing massive turnarounds. Just a year into the business, the company established an award-winning culture through a $27 million funding in its Series A round. The investment from Silicon Valley-based Icon Ventures has also cemented the company’s growth.
Opcity seems to be the best fit for real estate agents and brokers because of its close rates. They are three to five times the industry average. This brought together with the fast – growing of the News Corp’s digital real estate services’ will enhance the consumer experience.
News Corp is increasing its presence and capabilities
News Corp is seeking to complement the need of the burgeoning digital real estate services market. This is according to the company’s Chief Executive of News Corp, Robert Thomson. In addition industry partners are looking for reliable but affordable ways of connecting and meeting the needs of their business. Thus the reason they will rush to tap on any opportunity.
News Corp has continued to embrace product innovation as well as efficiency. Thomson adds, “We are absolutely focused on providing high-quality services to real estate professionals and to consumers seeking to make an investment that is profoundly important to every family.”
Meanwhile, the closure of the transaction is subject to each of them meeting the customary closing conditions the likes of regulatory approval.
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