REA Group Limited announced it has acquired 1Form Online Pty Ltd, operator of market leading rental application service 1Form.com, for a total cash consideration of AUD$15 million.
1Form.com was established in Melbourne in 2006 and is the leading online tenancy application service in Australia and New Zealand. It has 2.3 million registered tenants and extensive presence across a broad range of property advertising portals and real estate agency websites.
REA Group Managing Director and CEO, Greg Ellis, said the acquisition supports the Group’s strategy to connect consumers with property-related services.
“1Form.com has successfully employed digital expertise to improve the property experience. It makes the tenancy application process easier for consumers, customers and property owners and has been part of the realestate.com.au experience for the past three years.
“1Form.com supports our stated strategy to connect people with the practical services they need to live their property dreams and we see terrific opportunities to draw on our industry expertise to extend its reach and product offering,” stated Mr Ellis.
Following the acquisition, REA Group will continue to provide the 1Form.com service to real estate agency websites and property portals across Australia and New Zealand.
The 1Form.com service has been available free of charge on realestate.com.au since 2011. It is the Company’s intention to eventually eliminate the annual application management and storage fee for all consumers to support the Company’s strategy to make the entire property process simple, efficient and stress free.
Commenting on the acquisition, REA Group Chairman Hamish McLennan, said: “We are constantly looking to the future and this acquisition is a great fit with our long-term strategy for the business.”
Source: REA Group