CoStar to acquire Homesnap for $250M

Deal is expected to close later this year

National /
Nov.November 23, 2020 12:30 PM
CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)

CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)

CoStar Group is set to buy Homesnap, an app and technology provider for residential real estate agents, for $250 million, the Wall Street Journal reported.

The all-cash acquisition is expected to close later this year.

The acquisition would mark CoStar’s first major step into the single-family-home market, which dwarfs the size of the commercial real estate market. CoStar bills itself as the world’s largest provider of commercial real estate information and analysis.

Homesnap has about 150 employees, with this year’s revenue expected to be about $40 million, up about 45 percent form 2019. About 300,000 residential agents use the company’s app to manage and analyze their listings and others.

By merging, CoStar and Homesnap would expand each others’ reach, said Andrew Florance, CoStar’s founder and CEO.

“I would say that 50 percent of our broker clients do some residential and, of the top 100 residential firms, 80 percent do some commercial,” he said. “So we would think these tools as they come together would be pretty powerful.”

CoStar has also expressed interest in acquiring CoreLogic, one of the largest residential real estate companies valued at $6 billion, according to the Journal.

[WSJ] — Akiko Matsuda


Related Articles

arrow_forward_ios
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center

State report finds open gas valve fueled building explosion at Plantation shopping center
Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view

Bayside Marketplace is planning another high-rise entertainment venue with a view
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M

South Florida firm, partner acquire Tampa office building for $29.4M
Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project

Developer borrows $105M, breaks ground for mixed-use Flagler Village project
Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama

Moishe Mana plans mixed-use project with logistics theme next to airport in Panama
Power restored after blackout envelopes West Side of Manhattan

Power restored after blackout envelopes West Side of Manhattan

Power restored after blackout envelopes West Side of Manhattan
arrow_forward_ios

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

Loading...