Property Finder, a real estate marketplace servicing the Middle East, has recently agreed to acquire its competitor JRD Group, a proptech provider out of the same region, which also owns broker CRM solution for real estate professionals, Propspace, and property portal, JustProperty.com.
Michael Lahyani, Founder and Chief Executive Officer of Property Finder, said: "Property Finder and JRD Group share the same consumer-centric philosophy and vision of further professionalizing the real estate market. The integration of our products and additional investment in JustProperty.com will provide consumers with better insights to support them in taking property buying or renting decisions."
With this acquisition, Property Finder will be able to offer its real estate professional users new opportunities and provide them with a bigger audience along with more CRM, property management solutions, and listing portals to choose from.
This acquisition, though it has yet to be completed, comes just months after General Atlantic invested in Property Finder. It coincides with the Group's plan to expand brand presence in the UAE and invest in further developing its products and data information gathering.
As for what will become of JRD Group, Alex Nicholas and Siddharth Singh, the two founders of the company, will stay on board and become Property Finder shareholders.
"This is a great outcome for us after 10 years of hard work. We believe sharing synergies will offer coherence and integration in our combined tech offerings to real estate brokers and developers. We are super excited about this opportunity to enable JRD Group to develop its enterprise software products and property portals further and reach a much larger audience through the Property Finder Group network," said Nicholas, co-founder and CEO of JRD Group.
IMENA Group, who has invested in JRD Group, will fully exit its investment, as per protocol with the acquisition. Khaldoon Tabaza, Founder & Managing Director of iMENA Group, said: "We are happy with the outcome of our investment in JRD Group, which further validates our thesis on the potential and ability of our region to create scalable online marketplace businesses to lead the digitalization of the key sectors of the regional economy."
This comes after Property Finder announced that it would be increasing its stake in Turkish property portal Zingat to almost 40% and is expected to close after customary conditions have been met.
Edited by V. Havilan