News Corp to acquire online real-estate platform Opcity for $210 million
News Corp’s subsidiary Move Inc., operator of Realtor.com, has agreed to acquire real-estate technology platform Opcity for $210 million. The media and information services company looks to increase its presence in the digital real-estate services market.
Using proprietary data, analytics and machine learning, Austin, Texas-based Opcity has grown its U.S. client base to more than 5,000 brokerages and more than 40,000 agents since 2015, News Corp said. Opcity customers include Better Homes & Gardens, Keller Williams, ReMax, Century 21, Divito Real Estate Group and Berkshire Hathaway Home Services.
Digital real-estate services has become the fastest-growing segment of News Corp. Move has nearly doubled its revenue since News Corp’s acquisition in 2014 to $452 million in the year ended June 30, News Corp said. Move provides access to real-estate information through a network that includes realtor.com, The Home of Home Search, Doorsteps, Moving.com and SeniorHousingNet.
News Corp is at NWSA, -0.69% . Owner of The Wall Street Journal and MarketWatch parent Dow Jones & Co., also owns 61.6% of REA Group Ltd., the operator of realestate.com.au in Australia. REA holds a 20% stake in Move. Inc.