REA purchases tenancy service 1Form in Australia for $15M
Real estate advertising company REA Group Ltd has purchased a tenancy application service for $15 million, according to Business Spectator.
The group, which owns realcommercial.com.au and realestate.com.au, told the Australian Securities Exchange that it has bought 1Form Online Pty Ltd. The latter is the operator of online tenancy company 1Form.com, the report detailed.
Established in Melbourne in 2006, 1Form presently has 2.3 million registered renters. The service has been available on REA's realestate.com.au site for free since 2011. REA said it plans to remove yearly application management and storage charges for all of its clients, the report explained.
REA Chief Executive Officer Greg Ellis, who announced his resignation last month, said the purchase is in line with the company's goal to link its customers with real estate services, the report added.
After the deal is completed, the 1Form.com service will continue to be available for real estate agency sites in New Zealand and Australia, Business Spectator reported.
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