The Mitula Group Limited, the owner and operator of the Spanish based Mitula Classified S.L., has today announced the acquisition of Lokku Limited in the UK.
The acquisition brings together the Mitula and Nestoria branded vertical search sites to create one of the leading classified vertical search groups.
The Mitula Group now operates classified vertical search sites in 38 countries and 14 different languages. Combined, the group had over 230 million listings from 13,000 advertisers. In April 2015, these sites were visited 55 million times and generated 65 million click-outs for the advertisers.
Gonzalo del Pozo, the CEO of the Mitula Group, commented: “The acquisition of Lokku strengthens the Mitula Group by providing us with greater coverage in the real estate sector in many of our key markets.
“We will continue to operate both the Mitula and Nestoria brands and, in selected markets, rollout Nestoria branded sites to operate in parallel with the existing Mitula branded sites.
“For our advertisers, the acquisition means in some markets we are able to provide even more traffic to help grow their businesses”
Javier Etxebeste, the CEO of Lokku, commented: “We are excited by the businesses coming together. We look forward to leveraging each other’s technology and the skills and capabilities of each team to deliver an ever-improving service for advertisers”
Simon Baker, the Chairman of the Mitula Group added: “Our goal is to become the first choice for low cost, high quality traffic for classifieds portals around the world.
This acquisition helps us achieve this goal by cementing the Mitula Group as one of the leading global players in classified’s vertical search. We will continue to look for more value adding acquisitions in our existing markets and in new markets that we seek to enter.”
Disclosure: Simon Baker, the owner of Property Portal Watch, is the Chairman and investor in the Mitula Group