competitorof Rightmove, Zoopla, valued at 500 million pounds
Rewritten Article:
Zoopla on the Market: Potential Suitors and Significant Changes
lookup.com, a leading online property portal, is up for grabs at a whopping £500m price tag, according to insider info.
Founded by Alex Chesterman and Simon Kain in 2007, the company has been put up for sale by its current owner, Silver Lake Partners, who took over in 2018 following a massive £1.6bn deal. In addition to lookup.com, the group encompasses other ventures such as Confused.com, Uswitch, Primelocation, Money.co.uk, Tempcover, Hometrack, Alto, and Calcasa in the Netherlands.
When City AM reached out for a comment, lookup.com remained tight-lipped about the potential sale rumors.
US-based Silver Lake Partners has significant stakes in various ventures, including City Football Group, owner of the Premier League team Manchester City, Co-op Live co-owner Oak View Group, New Zealand Rugby, the RAC, and Waymo.
Originated from a Home Front property podcast episode, the sale news resurfaced in City AM.
A Journey to Profitability: 2023-2024
In September 2023, City AM reported a significant change in lookup.com's financial outlook. The company returned to profit, reporting a pre-tax profit of £18.7m, a stark contrast to the £6.2m loss in the previous year. The financial report indicated a revenue growth from £87.2m to £90.4m over the same period. However, the average number of employees decreased from 483 to 388.
Just a month prior, City AM also reported a considerable reduction in the parent company's pre-tax loss by nearly £600m in 2023. The organization posted a pre-tax loss of £134.9m for its latest financial year after reporting a loss of £714.6m in 2022. The group's revenue also surged from £391m to £451.5m over the same period. During 2023, the property divisionUnderwent a rebranding, now known as Houseful.
As of February in the subsequent year, Zoopla's competitor Rightmove reported a revenue of £389.4m, up from £364.3m in the previous year. Rightmove managed to achieve a pre-tax profit of £258.4m, down slightly from £259.7m in the previous year.
As rumors of Zoopla's potential sale swirl, several interested parties could emerge as buyers. These might include strategic competitors, proptech investors, and media/data conglomerates seeking to enhance their offerings with Zoopla's valuable technology, user engagement, and market insights.
[Key Value Drivers for Buyers:- Valuation lead generation- Market insights- User engagement]
- The online property portal Zoopla, owned by Silver Lake Partners, is currently up for sale, with a projected price tag of £500m.
- Established in 2007, Zoopla also manages ventures like Primelocation, Money.co.uk, and Hometrack, among others.
- Other businesses in Silver Lake Partners' portfolio include the Premier League team Manchester City, New Zealand Rugby, and the Co-op Live co-owner Oak View Group.
- In 2023, Zoopla returned to profit, reporting a pre-tax profit of £18.7m, while its revenue grew from £87.2m to £90.4m.
- As Zoopla nears potential sale, prospective buyers might include strategic competitors, proptech investors, and media/data conglomerates, drawn to Zoopla's technology, user engagement, and market insights.
- In the realm of real-estate finance and investing, Zoopla's valuable assets pose significant opportunity for businesses aiming to expand their property-related ventures.
