FTC approves CoStar’s $250M Homesnap acquisition

By on May 12, 2021

first_imgThe Homesnap acquisition is another way for CoStar to compete in the residential real estate market. It’s made $2 billion worth of acquisitions since 2014, including Apartments.com ($585 million), ApartmentFinder ($170 million), ForRent ($385 million) and Cozy Services ($68 million).With 150 employees, it is on track to generate $40 million in revenue this year, up 45 percent year over year. More than 1.1 million agents use its free product, which it claims represents 90 percent of licensed U.S. agents.“With the new addition of clients and information … we are almost tripling the size of our addressable markets,” Florence said in November.In New York City, which does not have an MLS, Homesnap recently struck a deal with the Real Estate Board of New York to build out a public-facing portal for residential listings.Earlier this week, REBNY sent a cease-and-desist letter to software developer Michael Gabriel and data partner RealPlus over a new listings platform they planned to launch called homes.nyc. The trade group said the two improperly used residential listings data from REBNY members.Contact E.B. Solomont Share via Shortlink Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Full Name*center_img CoStar’s Andrew Florance and Homesnap’s John Mazur (CoStart; LinkedIn)CoStar Group got federal regulators’ stamp of approval to buy residential tech provider Homesnap for $250 million, but the data giant still faces scrutiny over another acquisition that would strengthen its grip on residential listings.CoStar said the Federal Trade Commission cleared its purchase of Homesnap after the two companies submitted the proposed merger last month. Homesnap works with multiple listing services around the country, acting as a front-end portal for agents.In a statement, CEO Andy Florance praised the quick review and said it would allow coStar to “close this transaction quickly.”Days after CoStar and Homesnap announced their deal last month, the FTC sued to block CoStar’s $588 million purchase of rental listing platform RentPath, which operates Rent.com and ForRent.com and filed for bankruptcy last year. In an administrative complaint, it said the deal would give CoStar too much control since it already operates Apartments.com, ApartmentFinder.com and ForRent.com.CoStar countered that the FTC was “wrong in its assessment.”Read moreWatch out Zillow, here comes CoStar FTC sues to stop CoStar’s $585M Rentpath buy Accusations and rivalry spur legal fight over new NYC listings portal TagsCostar GroupResidential Real EstateTechnologyzillow Email Address*last_img read more

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Veikkaus seeks new wagering lead as Kauhanen departs to lead Finnish Hippos

By on August 30, 2020

first_img Veikkaus calls for early introduction of Finnish age verification measures August 28, 2020 Andrew Cochrane, SBTech: Setting the tone for B2B services with ‘Go Big’ campaign January 29, 2020 Submit Lottery leaders to address COVID-19 crisis at SBC Digital Summit April 17, 2020 Share Related Articles Finland’s national gambling monopoly Veikkaus OY is looking for a new sports betting chief, after long-term Vice President of Wagering Sami Kauhanen departed the organisation to lead Finnish horseracing.This June, Suomen Hippos – Finland’s horseracing and stud breeding association – confirmed the appointment of Kauhanen as inbound President and CEO effective 1 September 2020.Hippos underlined Kauhanen’s credentials as the optimal candidate for leading its organisation, having been a key stakeholder in Veikkaus’ wagering enlargement during 2017, when it absorbed the assets of former state-owned racing operator Fintoto. A 10-year Veikkaus senior executive, Kauhanen has led all sports betting related divisions and products for Finland’s gambling monopoly. Further on-the-ground experience sees Hippos highlight Kauhanen’s professional horseracing instructor credentials in which he has secured 2,700 track starts.“Horses and equestrian sports have been an integral part of my life, and after a short break, I get to work on this great field and sport again,” said Kauhanen. “The future offers many challenges, but I also see many opportunities ahead. It’s great to get involved.” Kauhanen takes leadership of Finnish horseracing as government agencies undertake a review of Veikkaus social responsibility mandate, following its takeover of Fintoto and Ray (slots and arcades) enterprises.   He added: “The industry has had to get used to a whole new situation since the merger of the gaming companies and it has, of course, required adaptation. “I am quite sure that in the future the strong will of the racing people will help find a common goal, which we are all willing to do our best for.” StumbleUpon Sharelast_img read more

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