CoStar Group has announced that it has completed its acquisition of Zonda, a provider of new home construction data, homebuilder software and residential real estate marketplaces, for $800 million in cash.
The acquisition expands CoStar Group’s presence across the residential real estate ecosystem, extending the company’s proprietary data, analytics, software, and marketplace capabilities into new home construction, one of the most important sectors of the U.S. real estate economy.
The acquisition also brings NewHomeSource.com and Livabl into CoStar Group’s portfolio of online marketplaces. The platforms focus exclusively on new construction and provide consumers with detailed information on new homes and communities, including floor plans, pricing, incentives, virtual tours and community information.
Andy Florance, Founder and Chief Executive Officer of CoStar Group, said, “With the acquisition now complete, we have the opportunity to bring together Zonda’s proprietary new construction data, software and builder relationships with CoStar Group’s technology, analytics and marketplace capabilities. We believe that combination can deliver more value to builders, lenders and other industry participants, accelerate innovation across the homebuilding ecosystem, and create a compelling new growth platform for CoStar Group.”
Jeffrey Meyers, President of Zonda, said, “By joining CoStar Group, we gain the scale, technology, and resources to accelerate innovation, deepen our industry insights, and deliver even greater value to builders, developers, and housing professionals. Together, we are creating a stronger platform that we expect will accelerate growth, expand innovation, and create new opportunities across the housing ecosystem.”
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