Real estate information site Zillow.com has entered into an agreement to acquire RentJuice, the San Francisco-based online rental management company which launched in 2009 and expanded to New York last year, for $40 million in cash.
RentJuice, which has 31 employees, provides rental management software for landlords, property managers and rental brokers. It offers subscription-based marketing tools for rental professionals, including rental listings management software, consumer credit screening and an online system for consumers to submit rental applications. Zillow.com meanwhile, is a comprehensive real estate database that famously uses a proprietary algorithm called the “Zestimate” to appraise property values.
“Zillow has spent the last six years building robust marketplaces for real estate and mortgages, and we are in the midst of growing our rental marketplace, which has tremendous potential,” said Spencer Rascoff, Zillow’s CEO. “The acquisition of RentJuice, with its talented team and innovative solutions for rental professionals, propels Zillow’s rental marketplace ahead by years. We are very excited to welcome the RentJuice team into Zillow.”
RentJuice CEO David Vivero added: “Becoming a part of Zillow will allow us to invest more and innovate faster on behalf of the leasing professionals we support.” — Katherine Clarke