Zillow (Z) announced Friday that its acquisition of Mortech, originally announced Nov. 5, is complete for approximately $12 million in cash and 150,000 shares of restricted stock. This will be Zillow’s fifth acquisition in two years.
The acquisition will accelerate Zillow Mortgage Marketplace that allows borrowers to connect with lenders to receive loan options and current mortgage rates.
"This acquisition represents an exciting leap forward in the development of our mortgage marketplace as Zillow will now deliver valuable marketing and productivity solutions to mortgage lenders to help them grow and manage their business," said Zillow CEO Spencer Rascoff. "We are incredibly excited to officially welcome the Mortech team to Zillow."
Currently, borrowers submit more than one million loan requests and get an average of 25 customized quotes per month on Zillow Mortgage Marketplace.
Mortech will continue operating from its Lincoln, Neb. office.
Mortech President Don Kracl will now transition to vice president of mortgage tools at Mortech.
"Zillow is investing significant resources into its mortgage vertical, which will enable Mortech to broaden the reach of our product and deliver even better solutions to lenders. We are thrilled to be part of the team," said Kracl.