Move, Inc. has announced that they have acquired Relocation.com, an online marketplace that connects home buyers and renters with moving and storage professionals. By combining this acquisition with its existing Moving.com business, the company is strengthens its offering in moving services.
The company has declared that the deal is another step toward its aim to create a one-stop destination for the industry’s most comprehensive and accurate real estate listings, as well as providing services like moving and storage that make the real estate process easier and more convenient for consumers.
"Our goal is to create the leading online marketplace for real estate related information and services," said Steve Berkowitz, Move's CEO. "Bringing Relocation.com under the Move umbrella and merging it with our Moving.com business extends our value to consumers by increasing the resources and tools at their disposal. At the same time, it extends our value to the industry by giving the 40 million Americans who move each year more reasons to engage with us."
The purchase price of the acquisition was $11.5 million in cash, of which $9.5 million was paid upon the deal close, with the remainder to be paid in two equal amounts on the first and second anniversaries of the close. The financial impact of the transaction will be reflected in Move's fourth quarter 2012 financial statements. Management expects the acquisition to begin to contribute to revenue and EBITDA in the fourth quarter of 2012 and to be accretive to 2013 earnings.