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LoopNet Buys REApplications

SAN FRANCISCO-The locally based online property listing service acquires a San Diego-based provider of on-demand brokerage operations software for $9.4 million.

By Brian K. Miller | Updated on April 09, 2008

SAN FRANCISCO-LoopNet Inc., the publicly traded online property listing service has acquired REApplications, Inc. a San Diego-based provider of on-demand brokerage operations software. LoopNet says the purchase price was $9.4 million in cash.

REApplications has been consistently profitable as a stand-alone business, LoopNet says. Going forward, the company will operate as a wholly-owned subsidiary of LoopNet, and the existing senior operating executives of REApplications will all remain with the company post-acquisition.

LoopNet expects that REApplications will contribute approximately $2.3 million in revenues for the remainder of 2008. The additional revenue will have no significant impact on 2008 EBITDA, it says, and will be dilutive to 2008 EPS in the range of approximately ($.02) per diluted share due to various acquisition and integration related expenses.

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