Property Finder has agreed to collect UAE-primarily based JRD Group, a real property tech issuer and Propspace, a CRM answer utilized by real property professionals. No financial phrases were disclosed. As a part of the acquisition, iMENA Group will fully exit its investment in JRD Group. Property Finder is subsidized with the aid of General Atlantic.
PRESS RELEASE
DUBAI, United Arab Emirates, April 8, 2019 /PRNewswire/ — Middle East actual estate classifieds website Property Finder has signed an agreement to accumulate its competitor JRD Group, a UAE-primarily based real estate technology company, proprietor of belongings portal Justproperty.Com and Propspace, a outstanding broking CRM solution utilized by real estate experts.
Michael Lahyani, Founder and Chief Executive Officer of Property Finder, said: “Property Finder and JRD Group percentage the same client-centric philosophy and vision of in addition professionalising the actual property market. The integration of our products and extra investment in JustProperty.Com will provide customers with better insights to support them in taking assets buying or renting selections.”
The acquisition may even provide real estate professionals with new exciting possibilities and enable them to attain a larger audience and a broader imparting of CRM, belongings control solutions and listing portals.
This acquisition occurs only a few months after the investment with the aid of General Atlantic in Property Finder in November 2018 and is consistent with the Group’s strategy to amplify the emblem in the UAE and put money into constructing the first-class merchandise and facts facts available.
Alex Nicholas and Siddharth Singh, JRD Group Founders, will live on board and become shareholders of Property Finder.
“This is a awesome outcome for us after 10 years of hard paintings. We trust sharing synergies will provide coherence and integration in our combined tech services to real property brokers and developers. We are notable excited about this possibility to allow JRD Group to broaden its enterprise software program merchandise and assets portals in addition and attain a miles larger audience thru the Property Finder Group network,” stated Nicholas, co-founder and CEO of JRD Group.
As part of the acquisition, iMENA Group will absolutely exit its funding in JRD Group. Khaldoon Tabaza, Founder & Managing Director of iMENA Group, said: “We are satisfied with the final results of our investment in JRD Group, which similarly validates our thesis at the capability and capability of our place to create scalable on-line market companies to lead the digitalization of the key sectors of the local financial system.”
This transaction comes one week after Property Finder introduced growing its stake in Zingat (the 2nd largest assets portal in Turkey) to shut to 40% and is expected to close after commonplace situations were met.
Property Finder is the leading virtual real estate platform within the Middle East and North Africa area that facilitates the house hunting adventure for both customers and renters. Founded in 2007, the internet site has evolved over time because the move-to platform for builders, actual property brokerages and house hunters to make knowledgeable choices on all matters real estate.
A UAE-born startup, Property Finder has branched in a foreign country’s beaches and operates in a complete of 7 markets, which include Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt and Morocco, and has a sizable stake within the 2nd biggest property portal in Turkey. Property Finder generates over six million monthly visits as a Group.
US private equity firm General Atlantic led Property Finder’s modern round of investment of a complete of $120 million in 2018. This is getting used to lease similarly splendid expertise and investing in its technology and product competencies.
The property portal employs over 450 personnel globally, of which 204 human beings workout of its Dubai office.
JRD Group turned into based in 2008 by way of Alex Nicholas and Siddharth Singh as a software agency devoted passionately to innovating actual estate generation. Based in Dubai, JRD Group owns and operates real property portals throughout the MENA location below the JustProperty.Com umbrella and a proprietary agency actual property software platform – PropSpace.Com – for agents, property managers and developers.
IMENA Group is an funding agency focused on Internet companies in the Middle East and North Africa vicinity. IMENA changed into based in 2013 by using Khaldoon Tabaza and Adey Salamin, and owns stakes in main local on line classifieds and marketplace companies consisting of OpenSooq.Com, SellAnyCar.Com, ReserveOut, Telr, and Jeeny.
