The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
UPCOMING EVENT - INDUSTRIAL AND LOGISTICS SUMMIT 16 OCTOBER, SYDNEY
INDUSTRIAL AND LOGISTICS SUMMIT - TICKETS NOW ON SALE
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
3
print
Print
ResidentialAna NarvaezThu 30 Aug 18

News Corp Snaps Up Proptech Platform

28283e52-1a8b-472a-a4e0-20e1a7ea0b75

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. 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.

ResidentialInternationalAustraliaTechnologyReal EstateSector
AUTHOR
Ana Narvaez
The Urban Developer - Editorial Director
More articles by this author
ADVERTISEMENT
TOP STORIES
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Salta MD Sam Tarascio
Exclusive

Why Salta Won’t Break Ground on $400m Pipeline

Leon Della Bosca
7 Min
Exclusive

Precinct Proposals Bloom as Brisbane Middle-Ring Sheds its Past

Phil Bartsch
8 Min
Exclusive

Newest Land Lease Player Plots Sector Shake-Up

Taryn Paris
5 Min
Waterloo Affordable Mirvac hero
Exclusive

Affordable Housing Rules Tighten as Proposal Deluge Continues

Clare Burnett
5 Min
View All >
Goldfields Elimbah Sell-Off hero
Residential

Moreton Bay Superlot Expected to Top $300m

Phil Bartsch
Gatton $150m Over-50s Solara Estate hero
Land Lease Communities

Undersupply Drives Regional Qld Over-50s Land Lease Plans

Phil Bartsch
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
A vacancy rate peak is looming, and the sector’s two-speed market is looking for a turnaround…
LATEST
Goldfields Elimbah Sell-Off hero
Residential

Moreton Bay Superlot Expected to Top $300m

Phil Bartsch
2 Min
Gatton $150m Over-50s Solara Estate hero
Land Lease Communities

Undersupply Drives Regional Qld Over-50s Land Lease Plans

Phil Bartsch
4 Min
Global Shifts Redraw the Map for Australia’s Office Market
Exclusive

Office Eyes Slowdown as New Stock Supply Becomes a Trickle

Vanessa Croll
7 Min
Development

Mirvac and DisplaySweet: Decade of Innovation in Property Sales Tech

Partner Content
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/news-corp-snaps-up-proptech-platform-