REA Group Limited
(ASX:REA) has bought rental application service 1Form Online Pty Ltd for $15 million.
1Form.com is an online tenancy application service in Australia and New Zealand, with 2.3 million registered tenants.
REA Group Managing Director and CEO Greg Ellis says the acquisition is part of the group’s strategy to connect its customers with property-related services.
Following the purchase, REA Group says it plans to continue to provide the 1Form.com service to real estate agency websites and property portals across Australia and New Zealand.
The company also plans to eventually eliminate the annual application management and storage fee for all consumers to make the process simple and efficient.
REA Group generated a net profit of $109.7 million in fiscal 2013.
