Fairfax Media acquires property data group as investment in Domain
Fairfax Media has bought property data and mapping provider Property Data Solutions for $30m, boosting its offering from property classifieds website Domain.
The purchase reported on the Australian Securities Exchange will see the Property Data Solutions (PDS) PriceFinder brand – which provides property data research to over 5,000 subscribers – combined with Fairfax’s existing property data business, Australian Property Monitors.
PriceFinder will be renamed APM PriceFinder and headed by Tom White, CEO and MD of PDS.
Greg Hywood, chief executive of Fairfax Media, said the acquisition is consistent with the media company’s strategy to invest in its property search website Domain.
Fairfax Media made Antony Catalano CEO of Domain last month, bringing him back to the company after he had been made redundant three years before.
“PDS is an expert in its field and its products are used and trusted right across the real estate industry,” Hywood said in the statement.
“This acquisition is consistent with our strategy to invest in Domain, where we continue to see significant growth potential.”
Catalano said it was a strategically important acquisition for Domain.
“By bringing the PriceFinder brand into domain, along with APM and MyDesktop product, we are able to provide an even more compelling offering to real estate agents,” he said.
Catalan’s first appointment as CEO was to hire Fairfax’s general manager of corporate development, Graeme Plowman, as strategy director of Domain. Plowman will lead all strategy and corporate development initiatives for Domain.
There’s a hole in the bucket, Dear Liza.
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Regardless of their $30m investment, they still don’t even hold a candle to REA.
No, I dont work for REA, but I am a seasoned property hunter.
Just sayin
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