posted on September 17, 2010 02:28
Austin-based Web marketplace operator LandsofAmerica.com has been acquired by LoopNet Inc. (Nasdaq: LOOP) for an undisclosed amount.
San Francisco-based LoopNet operates one of the largest online commercial real estate-selling and research platforms.
LandsofAmerica, founded in 2002, claims to operate one of the most heavily-trafficked online land marketplaces, with about 600,000 unique visitors reported last month. The company owns and operates 153 websites that target buyers and sellers of land, farms, ranches, lake houses, mountain properties, timberland and rural residential homes.
The deal is one of several LoopNet closed recently. The company paid about $9.9 million for two companies in the second quarter, according to a filing with the U.S. Securities and Exchange Commission. It bought BizQuest Inc. and Reaction Web in the first quarter 2010.
Officials said the entire LandsofAmerica management team, including its founders Allen Shannon and Jake Massengale, will stay on through the acquisition. Together, the companies represent about 200,000 active land listings.
September 14th, 2010 | Austin Business Journal