Bayut buys property portal Lamudi

April 15, 2019
Share this Post: 

The acquisition comes after Bayut's parent company closed a funding round with $100 million in February

Bayut, a real estate listing and research platform based out of the UAE, has acquired its competitor, Lamudi, owned by Middle East Internet Group. The company has yet to disclose the amount. Bayut has plans to launch an operation that will expand its presence into Saudi Arabia within the near future.

“With a network of sites operating in the region, we are very well placed to maximize consumers’ reach and clients’ exposure across a broader region,” said Haider Khan, Founder and Chief Executive of Bayut.

Middle East Internet, formed by venture capital company Rocket Internet, has launched various e-commerce ventures in the region including online shopping website Wadi.com.

The company launched Lamudi.sa as the first real estate portal in Saudi Arabia in 2012, followed by Lamudi.jo in Jordan. The UAE version Lamudi.ae went live in 2015. Under the deal, Bayut will take ownership of all of Lamudi’s assets in the GCC.

The acquisition of Lamudi Middle East provides “the ideal platform for Bayut to expand its footprint in the GCC”, especially in the kingdom – the Arab world's biggest economy.

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

899

April 15, 2019

Subscribe to our mailing list to get news updates!

Enter your email address and get updates from Online Marketplaces.

Related News

Carousell Ceo 1
Singapore Marketplace Carousell Drops SPAC Talks with L Catterton

The Singapore based horizontal marketplace company Carousell has reportedly ended talks with private equity firm L Catterton about going public...

Read More
Casavo Bright Building
Italian iBuyer Casavo Expands Spanish Footprint with Seville Opening

The Italian headquartered iBuyer Casavo has announced that it is to expand its Spanish operations to Seville where it will...

Read More
Iovox Customer Using Software Editado 1
iovox Buys Out Rival CallSource's Marketplace Division

The global call tracking and analytics solutions provider iovox has announced that it has acquired the Marketplaces division of rival...

Read More
Dorrinsider Cover
Ten Questions With Farah Falconi, Founder & CEO of DoorInsider

The question of whether portals or agents should be the ones to push new immersive listings technology is one we've...

Read More

Popular News