Australian media firm Fairfax buys Property Data Solutions for $30M
Fairfax Media Ltd has acquired property data and mapping services provider Property Data Solutions Pty Ltd (PDS). The transaction is valued at approximately USD30 million in cash consideration, according to Business Spectator.
Fairfax told the Australian Securities Exchange that the acquisition will be merged with Australian Property Monitors, the media firm's existing property data business. The combined entity will be called APM PriceFinder, the report said.
PDS is a company that provides property data research subscriptions to agents, developers, investors, and interested corporations in the real estate arena. The company's chief executive officer, Tom White, will manage the combined group, the report stated.
According to Fairfax, the strong presence of PDS in Western Australia and Queensland will complement APM's client base in Victoria and New South Wales. Greg Hywood, Chief Executive Officer of Fairfax, said PDS would join Fairfax under its Domain Group headed by Antony Catalano, the repot detailed.
Hywood said of the deal: "This acquisition is consistent with our strategy to invest in Domain, where we continue to see significant growth potential."