LoopNet, a large online commercial real estate marketplace, has acquired privately-held REApplications, a provider of on-demand brokerage operations software.
LoopNet purchased REApplications for an aggregate cash consideration of $9.4 million, according to a company announcement.
San Diego-based REApplications offers products for managing market research including property inventory, listings & comparables, commission management, customer relationship management, project tracking and transaction management.
REApplications will operate as a wholly-owned subsidiary of LoopNet and the existing senior operating executives of REApplications will all remain post-acquisition, according to a company announcement.
REApplications clients include Lee & Associates, Coldwell Banker Commercial, Grubb & Ellis | BRE, Colliers Turley Martin Tucker, Cushman & Wakefield LePage, GVA Advantis and Integra Realty Resources.
The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties and businesses for sale. LoopNet has more than 2.75 million registered members and the LoopNet marketplace features more than $500 billion of property available for sale and 4.3 billion square feet of space for lease.
LoopNet says its commercial real estate marketplace receives 998,000 unique visitors monthly according to comScore Media Metrix.
The company is publicly traded on the Nasdaq composite index, under the ticker symbol, “LOOP”.
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