Zillow Inc. (Z), a real estate information marketplace, announced it has entered into a definitive agreement to buy San Francisco-based HotPads, a map-based rental and real estate search site for $16 million in cash.
The transaction is subject to satisfaction of customary closing conditions and is expected to close in the fourth quarter of 2012.
HotPads is an established and significant player in rentals for both consumers and professionals, offering a robust website and five mobile apps across iPhone, iPad and Android. Nearly 2.8 million unique users visited HotPads in Octoberi, primarily to shop for rentals.
Founded in 2005, HotPads has 19 employees, and will continue to operate from San Francisco.
For comments and feedback: editorial@rttnews.com