US commercial property portal operator LoopNet has followed up its investment in AuctionPoint with the acquisition of Reaction Web. The terms of the deal were not disclosed.
Reaction Web develops custom websites that allow brokerage firms and brokerage teams to market listings to potential investors. The company's transaction management tools enable brokers to automate core steps such as registration, investor approval, and execution of confidentiality agreements.
Reaction Web's custom websites, deal rooms, and private property marketing tools will now be offered as part of LoopNet's suite of products.
"As a division of LoopNet, we can now leverage their advanced technical resources and extensive marketing expertise to develop more robust next-generation solutions, enabling our clients to enhance their marketing initiatives and reach an even broader audience," said Mike Mockus, Reaction Web's co-founder and general manager.
LoopNet registered a drop in revenue to US$18.3 million for the fourth quarter of 2009 compared to $21.1 million in the fourth quarter of 2008. The company says it does not currently expect the acquisition of Reaction Web to have a material impact on its 2010 financial results.