Fairfax Media’s Australian online property site Domain has acquired 50 per cent of Residential Connections Pty Ltd, which owns a residential utilities comparison and connections business Compare & Connect .
The acquisition follows Domain Group's recent investments in Oneflare, an online trades and services marketplace and Beevo, a commercial utilities connections business.
Both businesses are part of Domain's strategy to expand beyond classifieds into real estate related services.
Founded in 2014, Compare & Connect develops and operates platforms to help consumers compare and connect utility services for their existing homes or when moving.
Unlike competitors who offer only a limited number of options, Compare & Connect allows consumers to compare and choose from a range of suppliers to ensure they get the best product at the best price.
Domain Group Chief Executive Officer Antony Catalano says Compare & Connect has a solid market position and is well placed to accelerate growth on the back of its recent major national contract wins with LJ Hooker and PRD Nationwide.
"Compare & Connect also powers a number of major Victorian real estate brands including Biggin & Scott and Stockdale & Leggo, as well as the energy section of the rapidly growing comparethemarket.com.au comparison site for consumers," Catalano says.
“Compare & Connect is the only independent end to end platform offering movers the ability to compare suppliers’ packages when they decide to connect utilities through their real estate agent.”
Catalamo adds connection service providers typically connect movers with one preferred supplier and comparison platforms lack the integration with the agent network.
“Given its unique product advantages, this investment enables Domain to enter into the residential utilities connection space with a superior offering, demonstrating our continued commitment to partner with the real estate industry and establish a market-leading position.”
Residential Connections Chief Executive Neil Saligrama says the partnership will help unlock revenue in new areas leveraging Domain’s transaction and lead generation capability.
“Supported by Domain’s extensive agent and consumer audience and leveraging Domain’s sales force, we expect to accelerate market share growth and lead generation through the integration of the Compare & Connect platform with Domain’s agent-facing systems and network of consumer-facing platforms,” Saligrama says.