PropertyShark.com bought by California real estate software company

TRD New York /
Mar.March 31, 2010 04:32 PM

Yardi Systems, a 28-year-old California-based company that specializes in software for real estate investment and property management, announced today that it has acquired the data Web site PropertyShark.com.

Yardi said it plans to integrate PropertyShark.com’s real estate data into the Yardi suite of software, but that initially at least, PropertyShark.com will remain as an independent Web site. The current staff will remain in place in its Brooklyn office, said Gordon Morrell, Yardi’s executive vice president and COO. In fact, more staff will be hired as the company expands.

“The intent is to help them grow from a regional database to a national database,” said Morrell, who did not disclose the price of the acquisition.

While PropertyShark.com will provide useful information to clients of Yardi, those clients will be also able to feed information to PropertyShark.com’s database, he said, though the details of how that will work haven’t yet been worked out.
“The data would flow both ways,” Morrell said.

A few months ago, Yardi Systems purchased two then defunct real estate publications, Multi-Housing News and Commercial Property Executive, with plans to re-launch them. Morrell said that acquisition is not related to this one.

“That was more because we hate to see them go,” he said of the magazine purchases. “We’re generally not an acquisitive company, but if opportunities come along, we certainly take a look.”

In the case of PropertyShark.com, he said, “we really liked the company and we’d like to help them with growth.”
Yardi also recently purchased RentGrow, a Massachusetts-based tenant screening Web site.

Launched in 2002, PropertyShark.com changed the real estate landscape in New York City with its ownership information and search capabilities.

PropertyShark.com staff members forwarded requests for comment to a Yardi spokesperson.

But in a statement released by the Yardi, PropertyShark Founder Matthew Haines said: “When I founded PropertyShark in 2002, I wanted access to the hard-to-reach property information held by sellers, city agencies and brokers so I could make informed decisions about real estate investments I was considering. To see the concept taken from one neighborhood in New York City into the hands of one of the largest and most successful real estate software companies is a victory for everyone involved in buying, managing, and selling real estate based on transparent and comprehensive research.”


Related Articles

arrow_forward_ios
NYC saw a dip in home foreclosures last year (Credit: iStock)

Home foreclosures dip in NYC for 2nd straight year

Home foreclosures dip in NYC for 2nd straight year
Westchester & Fairfield Cheat Sheet: Anne Hathaway sells Westport mansion, Yonkers firm plans co-working and ax throwing spaces … & more

Westchester & Fairfield Cheat Sheet: Anne Hathaway sells Westport mansion, Yonkers firm plans co-working and ax throwing spaces … & more

Westchester & Fairfield Cheat Sheet: Anne Hathaway sells Westport mansion, Yonkers firm plans co-working and ax throwing spaces … & more
WATCH: Where you can buy a home in NYC for under $500 psf

WATCH: Where you can buy a home in NYC for under $500 psf

WATCH: Where you can buy a home in NYC for under $500 psf
WATCH: PropertyShark’s Matthew Haines on data competition, why the firm’s offices are located in Romania and more

WATCH: PropertyShark’s Matthew Haines on data competition, why the firm’s offices are located in Romania and more

WATCH: PropertyShark’s Matthew Haines on data competition, why the firm’s offices are located in Romania and more
Westchester and Fairfield Cheat Sheet: Manhattan firm buys 77 Larchmont condo units for $43.5M … & more

Westchester and Fairfield Cheat Sheet: Manhattan firm buys 77 Larchmont condo units for $43.5M … & more

Westchester and Fairfield Cheat Sheet: Manhattan firm buys 77 Larchmont condo units for $43.5M … & more
Foreclosures in NYC hit highest level since 2009: report

Foreclosures in NYC hit highest level since 2009: report

Foreclosures in NYC hit highest level since 2009: report
Ex-PropertyShark CEO scraps plans for mayoral run

Ex-PropertyShark CEO scraps plans for mayoral run

Ex-PropertyShark CEO scraps plans for mayoral run
unused air rights map thumb

Which nabes have the most available air rights?: MAP

Which nabes have the most available air rights?: MAP
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...