The European online classifieds operator Adevinta has announced that its Spanish division has acquired the real estate CRM provider Witei for an undisclosed sum.
Founded in 2018, Witei has seven employees who will continue to operate on an autonomous basis from their office in Madrid. Adevinta operates the number two real estate vertical in the Spanish market (Fotocasa) as well as the Habitaclia portal.
Speaking about the acquisition, Román Campa (pictured above), CEO de Adevinta Spain and Head of Real Estate & Emerging Verticals said:
"Our M&A team is always paying attention to the latest market trends in search of companies whose products or functionalities can add to the value chain of our businesses. With the incorporation of Witei into our portfolio, we widen the service offering of our real estate vertical by making technological solutions available to all real estate agencies in Spain that optimize the management of their businesses."
Buying up CRM businesses is a popular M&A tactic for real estate marketplace operators around the world often allowing them enhanced insights into lead data generated by their agent customers.
When we surveyed real estate portal professionals in October, over 60% of respondents said that for portals, CRMs are best to own as a loss leader for greater control of their markets.
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