The Mitula Group Limited (ASX:MUA), an Australian provider of classifieds vertical search platforms, acquired Nuroa Internet SL, a Barcelona, Madrid-based owner and operator of 17 real estate vertical search sites.
The amount of the deal was not disclosed.
Operating a similar model to the Mitula Group, with revenues being derived from CPC (cost per click) and Google AdSense, Nuroa operates real estate vertical search sites in the United Kingdom, Germany, Austria, France, Italy, Ireland, Switzerland, the United States, Argentina, Brazil, Mexico, Chile, Australia, Peru, Colombia, Spain and Portugal.
It is expected that Nuroa, in its existing format and before integration synergies, will generate between AUD1.2m and AUD1.4m in CY 2016 at a 35-40% EBITDA margin.
In conjunction with the funding, Oriol Blasco, the former CEO of Nuroa Internet SL, will enter a consulting agreement with the Mitula Group to help facilite the integration of Nuroa into the Mitula Group business.