The number two real estate giant after Zillow in the USA Realogy Holdings has used its $166 million acquisition of ZipRealty to create a new company Zaplabs tasked with developing technology.
Having been spun out of ZipRealty's existng technology development group, Realogy says the new positioning as ZapLabs will more clearly identify its focus on accelerating change within the real estate industry.
The split will also distinguish Zaplabs from the other side of ZipRealty's business, the residential real estate brokerage operation which will continue to be operated under that name by Realogy.
Zablabs will develop innovative technology products for affiliated brokerages and agents, as well as other businesses operated by Realogy, such as relocation and settlement services.
Since its acquisition in 2014 ZipRealty's flagship technology platform, Zap® has become a key differentiator for Realogy's franchise brands.
ZapLabs will expand the scope of its technology development efforts to encompass all of Realogy's business segments.
"More than 48,000 real estate agents affiliated with a Realogy brand are already using Zap, our flagship technology solution, and that is just the beginning," says ZapLabs President and CEO Jamie Wilson.
"Every day we continue to deliver the Zap ecosystem deeper into Realogy's franchise networks – and we are passionate about developing new technologies that have the power to transform the consumer experience."
Realogy operates franchise brands including Century 21, ERA and Better Homes and Gardens Real Estate and owns the nation's largest brokerage, NRT.
Realogy also owns Cartus, a prominent worldwide provider of relocation services to corporate and affinity clients, Title Resource Group (TRG), a leading provider of title, settlement and underwriting services and ZapLabsSM, its innovation and technology development subsidiary.