The Zillow Group has closed its acquisition of DotLoop - the Cincinnati-based company that simplifies real estate transactions by enabling brokerages, real estate agents, and their clients to share, edit, sign and store documents digitally.
The acquisition was first announced in July when the Zillow Group's CEO Spencer Rascoff said that Zillow intends to invest in DotLoop’s platform and make more widely available, adding that homebuyers, sellers and real estate professionals all want to see real estate transactions move online.
“DotLoop is very exciting for us,” Zillow Group CEO Spencer Rascoff said earlier this month. “There is no question that real estate transactions are moving online, any of you who have bought a home, know that signing hundreds of pages of documentation is a burden and that the day of the paperless transaction is here now, and DotLoop is the clear leader in the category.”
The price Zillow paid for DotLoop was not disclosed when the deal was first announced or during Rascoff's call with investors earlier this month. However Zillow did disclose the price its paying for DotLoop in a recent filing with the Securities and Exchange Commission.
In Zillow’s 10-Q filing, it disclosed that the purchase price for DotLoop was to be approximately $108 million in cash, “less certain transaction expenses and as adjusted at closing based on DotLoop’s net working capital, cash and debt, plus the estimated fair value of substituted stock options attributable to pre-combination service.”
DotLoop was founded in 2009 and is led by Austin Allison, who will continue with the company as founder and general manager and will report to Errol Samuelson, Zillow Group’s chief industry development officer.