Recruit Holdings Company Ltd., a global human resources giant which also operates real estate portals in Japan and China recently purchased California-based real estate transactions company, Movoto, with the goal of having it go head to head with Zillow, Trulia and realtor.com.
The Movoto acquisition, is Recruit’s first real estate endeavor outside of Asia, the company already owns real estate site, SUUMO, which has established itself as one of Japan’s leading property portals generating an estimated average of $700 million annual revenue.
Established in 2005, Movoto is a licensed brokerage in over thirty states and, claiming to offer its users everything they may need when buying or selling a house. According to rankings compiled by Experian Marketing Services, Movoto has been ranked 18th most visited real estate-related U.S. site in January.
According to Inman News, Recruit compares SUUMO to Zillow and Trulia, and it plans to leverage the expertise gained from operating SUUMO to grow Movoto.
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