Wednesday, April 9, 2008

LoopNet Buys REApplications

San Francisco-based LoopNet, an operator of a commercial real estate marketplace, said today that it has acquired REApplications, a developer of software for the commercial brokerage operations market. LoopNet said it will pay $9.4 in cash for REapplications, which develops software used by commercial real estate brokerages to manage their listings, customer relations, commissions, and other operations. LoopNet said the acquisition will contribute approximately $2.3M in revenues for the remainder of 2008 to the firm, and that San Diego-based REApplications will operate as a wholly owned subsidiary of the firm.