Redfin (NASDAQ: RDFN), a Seattle, WA-based technology-powered real estate brokerage, is to acquire RentPath, the Atlanta. GA-based owner of ApartmentGuide.com, Rent.com, and Rentals.com, for $608m.
The acquisition will bring together a site for buying a home with a site for renting a home, giving people trying to move a complete view of her options.
Dhiren Fonseca, CEO, RentPath simplifies the apartment search experience for millions of consumers, connecting property-management companies with qualified prospective renters. The RentPath network of websites reached 16 million monthly visitors on average in 2020, and recorded full year 2020 revenue of $194 million.
Led by CEO Glenn Kelman, Redfin provides a technology-powered real brokerage search site which uses a combination of local real estate agents and technology to buy or sell a home.
Redfin will increase RentPath’s reach, creating more rental opportunities for the rental properties promoted on RentPath sites.
Key Business Metrics
|Employees (as of 12/31/20)||~4,000||~700|
|Avg Monthly Visitors*||39 million||16 million|
|Organic Visitors YoY Growth*||23%||26%|
|Total Revenue*||$875 million||$194 million|