Earlier today, Zillow announced it was acquiring dotLoop, the popular real estate transaction management platform company. The terms of the deal were not disclosed. The press release is here:
Zillow Group (NASDAQ:Z), which houses a portfolio of the largest and most vibrant real estate and home-related brands on mobile and Web, today announced it has entered into a definitive agreement to buy DotLoop, a Cincinnati-based company that simplifies real estate transactions by enabling brokerages, real estate agents, and their clients to share, edit, sign and store documents digitally. The transaction is subject to the satisfaction of customary closing conditions and is expected to close in the third quarter of 2015.
Over the next 48-72 hours, you may expect to see the traditional industry freakout that happens whenever Zillow does anything. Expect everything from predictions of doom for Zillow, doom for brokers, doom for dotLoop, doom for everything and everybody under the sun.
Now, I do think the acquisition is interesting on a whole lot of levels. But I haven’t thought through all of those yet, and the deal is merely announced, rather than closed. So details are thin on the ground.
I did just get off a conference call with Errol Samuelson, Chief Industry Development Officer of Zillow Group, and Austin Allison, CEO of dotLoop where we chatted about the deal at a high level. I figured I should relate that conversation, and then maybe do my think-out-loud deal at the end as a bonus.