Tomahawk, WI 07/17/2014 (Basicsmedia) – A Smart Buy
Zillow Inc (NASDAQ:Z), a leading real estate and home-related market place, has announced that it has acquired Retsly, a Vancouver based Software Company. Retsly normalizes real estate data from multiple listing services (MLS). Developers can use this data to build on data driven products for the real estate industry. Zillow has not disclosed the financial details of the acquisition. However, Zillow had $309.4 million in cash, cash equivalents and short-term investments on its balance sheet. Retsly, a one-year-old start-up company, will continue to operate from Vancouver.
The Showcase Impresses Zillow
The Retsly’s recently showcased its products at a 24 hours hackathon event. Here, Retsly’s platform was shown to normalize six of the largest MLSs in the U.S, including Midwest and California. This might have inspired the acquisition of the company by the Zillow. Many local MLSs have uniquely formatted data structures or feeds. Retsly’s programs convert these feeds into discernable common format making it easy for real estate developers to use it in their technologies. In effect localized MLSs now take a common format making it easier for the brokers and agents in the industry to communicate on common platform.
Zillow’s Connect Program Gets a Push
Retsly’s services would extend Zillow tech connect program creating a platform where brokers, agents and developers can interact efficiently to with smarter services made now available by Zillow in marketplace. This tech connect program of Zillow has about 25 participants at present. Retsly’s softwares enable developers to work across MLS boundaries without dealing with local data formats. With this acquisition Zillow hopes to build an active and vibrant community that use Zillow’s software services in the market.
Deal to Enlarge Customer Base
Zillow’s suite of services already serves a full cycle of buying and selling homes, financing and remodeling. Retsly’s smart services would only add to the already existing services and avail services at national level to the satisfaction of already existing 83 million customers. Retsly offers services to smartly use the software applications in the market and ensure the content is used appropriately. Zillow Inc (NASDAQ:Z) hopes Retsly will make all of its customers actively involve in the business of real estate industry and attract more customers.