The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
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
Anthony and Paul Mancini HERO TEMP
Exclusive

Adapt or Die: How Mancini Pulled Back from the Brink

Leon Della Bosca
8 Min
Elanor Investors Tweed Mall masterplan
Exclusive

Tweed Marks Time as $900m Mall Redevelopment Goes Quiet

Renee McKeown
6 Min
High-density residential construction in Melbourne
Exclusive

Stabilising Conditions in Melbourne Bring Hopes of Improved Feasibility

Leon Della Bosca
6 Min
QBCC project trust accounts hero
Exclusive

Developers Warned as Commission Cracks Down on Subbie Pay Scheme

Clare Burnett
7 Min
Urban Infill site at Tonsley SA
Exclusive

SA Grapples with ‘Development Killer’ Carparking Law Changes

Leon Della Bosca
7 Min
View All >
GPT/QuadReal First Partnership EDM
Industrial

GPT, QuadReal’s $1bn Deal Joins Rush for Aussie Logistics

Clare Burnett
the view to Victor Harbor in Greater Adelaide.
Residential

Bill Unlocking 61,000 Home Sites Passes in South Australia

Renee McKeown
Balmain Leagues Club EDM
Residential

Perifa’s Ex-Balmain Leagues Plan Clears Final Hurdle

Clare Burnett
The site that will be Rozelle Village had been in limbo after the club shut and its former owners became locked in a leg…
LATEST
GPT/QuadReal First Partnership EDM
Industrial

GPT, QuadReal’s $1bn Deal Joins Rush for Aussie Logistics

Clare Burnett
3 Min
the view to Victor Harbor in Greater Adelaide.
Residential

Bill Unlocking 61,000 Home Sites Passes in South Australia

Renee McKeown
2 Min
Balmain Leagues Club EDM
Residential

Perifa’s Ex-Balmain Leagues Plan Clears Final Hurdle

Clare Burnett
3 Min
Coliving Chippendale EDM
Residential

Plans for $31m Co-Living PBSA in Sydney CBD Revealed

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