Zillow Buys Mortech For $12M

Posted by Orb Staff on November 06, 2012 No Comments
Categories : Residential Mortgage

12702_dollar_circle Zillow Buys Mortech For $12M Seattle-based Zillow Inc. has announced its acquisition of Mortech Inc., a mortgage software company, for approximately $12 million in cash and 150,000 shares of restricted stock. This is Zillow's first acquisition of a company servicing in the mortgage banking industry.

According to Zillow, the acquisition accelerates the development of the Zillow Mortgage Marketplace.

‘We are following our proven strategy of building home-related marketplaces,’ says Spencer Rascoff, Zillow's CEO. ‘Enhancing the capabilities of mortgage lenders ultimately leads to a more vibrant and transparent consumer experience.’

Founded in 1987, Mortech is based in Lincoln, Neb., and has 39 employees. Mortech will continue to operate from its Nebraska office.

Mortech is Zillow's second acquisition in two weeks. Last week, the company announced the acquisition of Buyfolio, an online and mobile collaborative shopping platform. Earlier this year, the company acquired RentJuice, and last year it purchased Postlets and Diverse Solutions.

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