Zillow Group has completed the acquisition ShowingTime, worth $500 million. This is much higher than the $125million estimates.
Apps and websites of the company saw record numbers of 201 millions users in the fourth quarter. This represents a 16% rise in traffic over the previous quarter. This number was also higher than anticipated by 19%.
Zillow also held cash and investments in excess of $3.9 Billion
Rich Barton (CEO of Zillow) stated that Zillow’s continued growth and flawless implementation are the reasons for its stellar performance. He added that the company is investing heavily to provide better customer experiences.
Zillow’s acquisition will allow ShowingTime to continue operating on an open-platform model. Errol Samson, Zillow Group Chief Industry Development Officer, explains ShowingTime’s remarkable capabilities. Through integrations with agents and brokers, ShowingTime makes complicated tasks simple.
He said that buyers’ agent find it easier to schedule showings. Samuelson added that ShowingTime has increased its engagement through multiple channels.