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Zillow Announces HotPads Acquistion Completed for About $16M Cash

""Zillow, Inc."":http://www.zillow.com/ announced the completion of its acquisition of HotPads for approximately $16 million in cash. In late November, Zillow revealed plans to purchase the map-based rental and real estate search site.

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San Francisco-based HotPads offers a website and five mobile apps. The company boasts nearly 2.8 million unique users in October alone, with most visitors shopping for rentals.

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According to accompany release, the acquisition allows Zillow to expand its growing rental audience and extend the reach of its marketing tools and productivity solutions for rental professionals.

HotPads is Zillow's sixth acquisition in less than two years.

""HotPads brings a younger, complementary and rental-focused audience to Zillow's growing portfolio of brands,"" said Spencer Rascoff, CEO of Zillow, in a release. ""With this acquisition, Zillow becomes even more relevant to consumers at the beginning of their real estate life cycle.""

HotPads currently has 19 employees. The company will eventually be consolidated with Zillow's new
San Francisco office, which is scheduled to open in early 2013.

HotPads co-founder and CEO Matt Corgan, was appointed group program manager.

""We're incredibly excited to join Zillow and to continue to empower consumers with information and resources to help them quickly and easily find the best place to live,"" said Corgan.

About Author: Esther Cho

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