FAIRFAX MEDIA STRENGTHENS ITS DOMAIN BUSINESS WITH ACQUISITION OF PROPERTY DATA SOLUTIONS
SYDNEY, 11 December 2013: Fairfax Media Limited [ASX:FXJ] today announced the acquisition of property data and mapping provider, Property Data Solutions Pty Ltd (PDS), for total cash consideration of approximately $30 million.
PDS provides property data research subscriptions via its PriceFinder brand to real estate agents, developers, investors and corporations with interests in real estate. It has more than 5,000 subscribers, with the majority being real estate businesses.
PDS will be combined with Fairfax's existing property data business, Australian Property Monitors (APM), and will be called APM PriceFinder. PDS's strong presence in Queensland and Western Australia will complement APM's subscriber base, which is primarily in New South Wales and Victoria to create a leading provider of property data.
Fairfax Media Chief Executive Officer and Managing Director Greg Hywood said: "We are excited to be bringing PDS into the Fairfax fold as part of our Domain Group run by CEO, Antony Catalano. PDS is an expert in its field and its products are used and trusted right across the real estate industry. This acquisition is consistent with our strategy to invest in Domain, where we continue to see significant growth potential."
Tom White, currently CEO and Managing Director of PDS, will run APM PriceFinder. Mr White said: "We have always believed that the future of PDS lies in a broader
real estate group like Domain where we can grow at an accelerated rate and reach PDS's full potential. I am excited by the opportunity to enhance all of the PriceFinder and APM offerings by combining the data and expertise of the two businesses."
CEO of Domain, Antony Catalano, said: "This is a strategically important acquisition for Domain. Tom White has substantial knowledge of the real estate industry and is a great addition to our management team. By bringing the PriceFinder brand into Domain, along with APM and our MyDesktop product, we are able to provide an even more compelling offering to real estate agents."
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Director of Communications
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