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News Corp Snaps Up Proptech Platform

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News Corp has picked up American real estate company Opcity for US$210 million (A$288 million), a Texas-based real estate technology platform that matches home buyers and sellers with real estate professionals.

The Rupert Murdoch-controlled media giant has been quick to take on the burgeoning proptech market, with digital real estate services the fastest-growing sector of News Corp's business.

Opcity was acquired by News Corp subsidiary Move Inc which operates real estate listings website realtor.com. The acquisition of Opcity will broaden realtor.com’s lead generation product portfolio, News Corp said in a statement.

Opcity uses data sets, applied analytics and machine learning to better capture online leads and instantly connect “transaction-ready” clients with the right agents. The start-up secured US$27 million of investment from Silicon Valley-based Icon Ventures last year.

Related: Australian Proptech Company Expands New York Operation

OpCity founders Ben Rubenstein (left) and Michael Lam
OpCity founders Ben Rubenstein (left) and Michael Lam. Launched in 2015, Opcity’s growth has been fueled by investment from Silicon Valley-based Icon Ventures.


Founder and chief executive of Opcity Ben Rubenstein welcomed the merger.

“This is a natural fit. Together, we’ll provide an enhanced consumer experience and more choices for brokers and their agents to grow their business,” Rubenstein said.

News Corp chief executive Robert Thomson said that the media giant will embrace the next generation of disruptive real estate technology.

“Through product innovation and powerful media platforms, News Corp is increasing its presence and capabilities in the burgeoning digital real estate services market,” Thomson said.

News Corp owns 61.6 per cent of REA group, which operates residential property website realestate.com.au. REA holds a 20 per cent stake in Move Inc.

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Article originally posted at: https://theurbandeveloper.com/articles/news-corp-snaps-up-proptech-platform-