Online real estate listing platform Trulia has signed an agreement to acquire customer relationship management software maker, Market Leader, for $355m to expanding its real estate platform.
Trulia chief executive officer Pete Flint said the acquisition of Market Leader will create unprecedented value for the company’s customer base while also accelerating its growth.
"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," Flint said.
"Our combined platform also will enable agents to increase their follow-up capabilities, engagement with clients and the return on investment on their leads."
Drawing about 31 million monthly unique visitors, Trulia filed for a $75m IPO in August 2012 in a bid to stay beside its primary competitor Zillow, which went public in 2011.
Upon the acquisition, the combined firm is anticipated to have about 40,000 paying premium subscribers, as per an expected overlap of about 20%.
"The combination also offers numerous opportunities to cross-promote the two companies’ products, deliver integrated products and services, and leverage complementary sales teams and processes," Flint added.
"We are also executing this acquisition at what we view as an attractive valuation for both companies’ shareholders, while retaining sufficient financial capacity to pursue additional growth initiatives."
