Seattle-based Zillow Inc. has entered into a definitive agreement to acquire RentJuice Corp., a San Francisco-based company, for $40 million in cash. RentJuice provides rental relationship management software for landlords, property managers and rental brokers.
According to the companies, RentJuice offers a subscription-based suite of marketing and productivity tools for rental professionals, including a customer relationship management platform for managing leads and relationships; rental listings management software and syndication across the Web; consumer credit screening; and an online- and mobile-based secure way for consumers to submit rental applications. RentJuice's mobile app for iOS allows rental professionals to access their database on the go, instantly update property photos and connect with prospective tenants.
‘Zillow has spent the last six years building robust marketplaces for real estate and mortgages, and we are in the midst of growing our rental marketplace, which has tremendous potential,’ says Spencer Rascoff, Zillow CEO. ‘The acquisition of RentJuice, with its talented team and innovative solutions for rental professionals, propels Zillow's rental marketplace ahead by years. We are very excited to welcome the RentJuice team into Zillow.’
RentJuice will be the third acquisition by Zillow within the past year. In spring 2011, the company acquired Postlets, an online real estate listing creation and distribution platform, and in fall 2011 acquired Diverse Solutions, which helps real estate agents market their businesses and improve their personal websites.