Gunderson Dettmer is acting as legal advisor to Opcity, a market leading real estate technology platform, in its $210 million acquisition by News Corp’s subsidiary, Move, Inc., operator of realtor.com.
News Corp’s subsidiary Move, Inc., operator of realtor.com®, has entered into an agreement to acquire Opcity, the market-leading real estate technology platform that matches qualified home buyers and sellers with real estate professionals in real time.
The planned acquisition of Opcity, based in Austin, Texas, will broaden realtor.com®’s lead generation product portfolio, allowing real estate professionals to choose between traditional lead products that offer professionals the opportunity to work leads themselves or a concierge-based model that provides highly vetted, transaction-ready leads, which is the expertise Opcity brings to realtor.com®. The acquisition purchase price is $210 million, subject to adjustments.
Digital real estate services has become the fastest growing segment of News Corp, the most global digital property company. In the fiscal year ended June 30, 2018, Move, Inc.’s real estate revenues grew 20 percent, with total revenues up a healthy 15 percent for the year. Move, Inc. has nearly doubled its revenues since News Corp’s acquisition in 2014 to $452 million in fiscal 2018.
News Corp also owns 61.6 percent of REA Group Limited, the operator of the leading Australian residential property website, realestate.com.au. REA holds a 20 percent stake in Move, Inc.
The Gunderson Dettmer team was led by Adan Muller (Picture – M&A), Andrew Luh (M&A), Katie Gardner (IP), Mark Foster (tax) and special counsel Michael Richman (executive compensation and benefits) with associates Alex Umfrid, Hilary Adams, Ariel Choi, Cindy Douthwaite, Emily Lieberman, Benjamin Gould, Vikki Nguyen and Jace Clegg.
Involved fees earner: Adan Muller – Gunderson Dettmer; Andrew Luh – Gunderson Dettmer; Alexander Umfrid – Gunderson Dettmer; Hilary Adams – Gunderson Dettmer; Ariel Choi – Gunderson Dettmer; Cynthia Douthwaite – Gunderson Dettmer; Katherine Gardner – Gunderson Dettmer; Emily Lieberman – Gunderson Dettmer; Benjamin Gould – Gunderson Dettmer; Vikki Nguyen – Gunderson Dettmer; Mark Foster – Gunderson Dettmer; Jace Clegg – Gunderson Dettmer; Michael Richman – Gunderson Dettmer;
Law Firms: Gunderson Dettmer;
Clients: Opcity Inc.;