Middle East real estate classifieds website Property Finder has signed an agreement to acquire its competitor JRD Group.
JRD Group is a UAE-based real estate technology provider, owner of property portal Justproperty.com and Propspace, a prominent broker CRM solution used by real estate professionals.
Michael Lahyani, Founder and Chief Executive Officer of Property Finder, said: “Property Finder and JRD Group share the same consumer-centric philosophy and vision of further professionalising the real estate market. The integration of our products and additional investment in JustProperty.com will provide consumers with better insights to support them in taking property buying or renting decisions.”
The acquisition will also provide real estate professionals with new opportunities and enable them to reach a larger audience and a broader offering of CRM, property management solutions and listing portals.
This acquisition happens only a few months after the investment by General Atlantic in Property Finder in November 2018 and is in line with the Group’s strategy to expand the brand in the UAE and invest in building the best products and data information available.
Alex Nicholas and Siddharth Singh, JRD Group Founders, will stay on board and become shareholders of Property Finder.
"This is a great outcome for us after 10 years of hard work. We believe sharing synergies will offer coherence and integration in our combined tech offerings to real estate brokers and developers. We are super excited about this opportunity to enable JRD Group to develop its enterprise software products and property portals further and reach a much larger audience through the Property Finder Group network,” said Nicholas, Co-Founder and CEO of JRD Group.
As part of the acquisition, iMENA Group will fully exit its investment in JRD Group. Khaldoon Tabaza, Founder & Managing Director of iMENA Group, said: “We are happy with the outcome of our investment in JRD Group, which further validates our thesis on the potential and ability of our region to create scalable online marketplace businesses to lead the digitalisation of the key sectors of the regional economy.”
This transaction comes one week after Property Finder announced increasing its stake in Zingat (the 2nd largest property portal in Turkey) to close to 40% and is expected to close after customary conditions have been met.