Move Inc. acquires Relocation.com
Move Inc. (MOVE) acquired Relocation.com, a site that connects homebuyers and renters with moving and storage companies for $11.5 million in cash.
Move said () for the acquisition was paid upon the deal close. The remainder will be paid in two equal amounts on the first and second anniversaries of the close, the company said.
The financial impact of the transaction will be reflected in Move's fourth quarter financial statements, which expects the acquisition to contribute revenue in the fourth quarter and to be accretive to 2013 earnings.
This is the second major acquisition by Move within a month's time. In September, the operator of Realtor.com bought TigerLead Solutions, a site that generates leads for real estate professionals.
Move sees the acquisition as another step toward becoming a comprehensive online source for consumers and real estate professionals. The deal also is expected to bolster the company's position within the residential renter's market, an area where growth is expected in the coming years.
"Our goal is to create the leading online marketplace for real estate related information and services," said Steve Berkowitz, Move’s chief executive officer. "Bringing Relocation.com under the Move umbrella and merging it with our Moving.com business extends our value to consumers by increasing the resources and tools at their disposal."