The Real Deal New York

Murdoch’s Move Inc. buys lead generation startup for $210M

Opcity pairs agents and pre-screened buyers and sellers
By E.B. Solomont | August 29, 2018 06:20PM

Rupert Murdoch and the Realtor.com website (Credit: Getty Images and Realtor.com)

Rupert Murdoch’s News Corp. is adding to its real estate arsenal.

The media giant said Wednesday that subsidiary Move Inc. — which operates the listing portal Realtor.com — entered into an agreement to buy lead generation startup Opcity for $210 million.

The deal will expand on Realtor’s ability to generate leads for agents, the company said. Inman first reported news of the deal.

Austin-based Opcity uses an algorithm to instantly pair agents and mortgage brokers with pre-screened buyers. Founded in 2015, it raised $27 million in venture funding from Icon Ventures, Georgian Partners and LiveOak Venture Partners, according to CrunchBase.

Opcity claims it has 5,000 brokerage clients nationwide as well as some 40,000 agents using its services, including agents from firms like Keller Williams, ReMax, Century 21 and Berkshire Hathaway’s HomeServices of America.

In a statement, News Corp. CEO Robert Thomson said the company is doubling down on a “burgeoning digital real estate services market.”

The sector has been News Corp.’s fastest-growing business in recent years.

Move Inc.’s revenue in fiscal 2018 hit $452 million, nearly double its earnings in 2014 when it was acquired by the media giant. (News Corp. also owns 61.6 percent of REA Group Ltd., which operates realestate.com.au, a leading portal in Australia.)

News Corp. bought Move Inc. for $950 million. Move operates Realtor.com, which stepped up its game in New York City to compete with Zillow Group’s StreetEasy.