Move (company) explained

Move, Inc.
Type:Subsidiary company
Industry:Real estate
Predecessors:-->
Successors:-->
Founders:-->
Hq Location City:Santa Clara, California
Hq Location Country:United States
Areas Served:-->
Revenue:$227 million
Revenue Year:2013
Profit:-->
Profit Year:-->
Num Employees:913
Num Employees Year:2013
Parent:News Corp (2014–present)
Subsid:Move Sales

Move, Inc. is a real estate listing company based in Santa Clara, California. The company operates the Move Network of real estate websites, the largest of which is Realtor.com. Move has a longstanding partnership with the National Association of Realtors, the real estate industry's largest trade association, for operating Realtor.com.[1] [2]

Operations

Move was established in Delaware under the name InfoTouch Corporation in 1993.[3] The company is based in Santa Clara, California, and operates Move.com and Realtor.com.[4] Move owns the listing syndication and reporting platform ListHub.[5] The company also operates Avail (following its acquisition in 2020),[6] Doorsteps.com (following its acquisition in 2013),[7] Moving.com, Relocation.com,[8] and UpNest (following its acquisition in 2022).[9] [10]

Tracey Fellows was named acting chief executive officer (CEO) of Move and Realtor.com in June 2019.[11] David Doctorow was named CEO in January 2020.[12] Bryan Charap has served as chief financial officer since 2015.[13] [14] [15] In 2020, Move named Mickey Neuberger chief marketing officer.[16] In 2022, Bryan Ellis became chief revenue officer and Arthur Chapin became chief growth officer.

Doctorow was replaced by Damian Eales as CEO in 2023.[17]

History

Homestore

Stuart Wolff founded the online real estate company Homestore Inc. in 1996.[18] [19] He established a partnership with the National Association of Realtors, and his company, RealSelect Inc., operated Realtor.com. Under the agreement, the National Association of Realtors had a small stake in RealSelect.[19]

The company went public as Homestore.com, Inc. in 1999,[3] and was traded on the NASDAQ stock exchange.[20] In October 2000, Homestore agreed to purchase Move.com from Cendant Corp. for $761 million in stock, leaving Cendant with a 15 percent stake.[21] [22] [23] In 2001, Homestore operated the websites HomeBuilder.com, HomeFair.com, Realtor.com, HomeWrite.com, and SpringStreet.com, acquired HomeBid, and owned the software Top Producer as well as Wyldfyre technologies.[24] [25] In August, the company purchased iPlace Inc., for $150 million.[26]

During the rise of the dot-com bubble, Wolff was convicted of insider trading and falsifying revenue results, and several additional executives received prison sentences for inflating earnings.[27] Homestore's 2000 and 2001 financial reports required refiling, and the U.S. Securities and Exchange Commission investigated the company in 2002.[18] [19] Wolff's conviction was overturned on appeal in 2008,[18] but he eventually plea bargained for a sentence of 3–5 years.[28] Wolff resigned as CEO in January 2002,[18] and was replaced by a new management team.[19]

Homestore.com, Inc. changed its name to Homestore, Inc. in 2002, then rebranded as Move, Inc. in 2006.[3] [27] [29] The company's stock symbol was changed from "HOMS" to "MOVE", and the Move.com website was launched in May 2006.[30]

On February 22, 2006 Homestore, Inc. announced the acquisition of Moving.com from TMP Directional Marketing, LLC. Moving.com provides consumers with offers from qualified movers, truck rental, and self-storage providers, as well as access to a sophisticated mortgage rates directory. Mirus Capital Advisors represented TMP Directional Marketing and Moving.com in the transaction.[31]

Move, Inc.

Move acquired the company Threewide, which operated the real estate listing service ListHub, for $13 million in September 2010. Move retained ListHub as its own separate brand.[32] Move launched an online mortgage offering called MortgageMatch.com in December 2010, targeting first time home buyers and those looking to refinance,[33] then acquired the social search platform SocialBios in 2011.[34] In 2013, Move reported $227 million in revenue and $600,000 in profit.[4] Move ended its three-year partnership with AOL real estate in December 2013, and its decade-long partnership with MSN Real Estate in July 2014.[35]

In September 2014, News Corp agreed to purchase Move for $950 million, marking the former company's largest acquisition to date.[1] Move operated the third most-trafficked website network for U.S. listings at the time.[36] [37] Ownership of Move is shared 80/20 between News Corp and REA Group, respectively.[4] [38] The deal was endorsed by the National Association of Realtors, which licensed the Realtor.com URL to Move and allowed the company to operate the site.[38] This agreement continued after the deal closed in November.[20] In 2015, Move relocated its headquarters from San Jose to Santa Clara.[39]

Move acquired the document and transaction management provider Reesio, which specializes in residential real estate, in October 2015. The financial terms were not disclosed, and Reesio's four founders joined Move's team.[40] In 2016, Zillow paid $130 million to Move and the National Association of Realtors to settle a lawsuit over trade secrets, following its employment of two individuals who had held executive roles at Move.[2] [41] Move sold its lead-generation company TigerLeads to Commissions Inc., a customer relationship management system provider, in December.[42]

Move acquired interior design and lifestyle website Remodelista and outdoor spaces and garden design website Gardenista in 2016 as part of Realtor.com's marketing strategy. At the time of purchase, the two sites represented 1.5 million monthly readers.[43] In June, 2019 the company sold back the websites to founder Julie Carlson and husband Josh Groves and are now independently operated by Remodelista LLC.[44]

Move acquired Opcity, the Austin, Texas-based real estate technology company, for $210 million in 2018. The company, which developed a platform that uses artificial intelligence and machine learning to match potential home buyers with agents,[45] initially continued to operate as an independent business[46] [47] but was later integrated into Realtor.com.[48]

In 2020, Move acquired Chicago-based Avail, a platform with online tools and education content for landlords.[6] Move sold the customer relationship management platform Top Producer to Constellation Real Estate Group in March 2021.[49] The following year it acquired UpNest, a platform that connects home sellers and buyers with local agents competing for business.[9]

Further reading

Notes and References

  1. News: Logan. Tim. News Corp. to buy parent of realtor.com for $950 million. July 7, 2017. Los Angeles Times. September 30, 2014. 0458-3035. 3638237.
  2. News: Collins. Jeff. Zillow to pay Realtor.com $130 million over trade secrets. July 7, 2017. Orange County Register. Digital First Media. June 7, 2016. Anaheim, California. 0886-4934. 12199155.
  3. Web site: Form 10-K: Move, Inc.. U.S. Securities and Exchange Commission. July 31, 2017. December 31, 2013. 6.
  4. News: News Corp. to Buy Move, a Real Estate Listings Site. July 26, 2017. The New York Times. Michael J.. de la Merced. Emily. Steel. September 30, 2014. 0362-4331. 1645522.
  5. Web site: Brambila . Andrea V. . Rupert Murdoch playing hardball with Zillow . Inman.com . March 23, 2021 . January 6, 2015.
  6. Web site: Dalrymple II . Jim . Move Inc. acquires rental platform Avail . Inman.com . March 23, 2021 . December 15, 2020.
  7. News: Sullivan. Heather. CoStar is hiring about 230 workers in Richmond this year. July 31, 2017. WWBT. April 6, 2017.
  8. News: Move Inc. acquires Relocation.com for $11.5 million . March 23, 2021 . Inman.com . October 11, 2012.
  9. Web site: MCPHERSON . MARIAN . Move acquires real estate agent marketplace UpNest . Inman.com . June 27, 2022 . June 8, 2022.
  10. News: Hardison . Kathryn . News Corp's Realtor.com Buys UpNest . June 27, 2022 . . . June 8, 2022.
  11. Web site: BREAKING: Realtor.com company's CEO exits . March 25, 2021 . Inman.com . Patrick . Kearns . June 6, 2019.
  12. New Move Inc. CEO Announced . Realtor Magazine . January 9, 2021 . March 23, 2021 . National Association of Realtors.
  13. News: CFO Moves: Endurance International Group, TPG Specialty Lending, Move Inc., BrainStorm Cell Therapeutics. July 26, 2017. The Wall Street Journal. August 3, 2015. News Corporation (Dow Jones & Company). 0099-9660. 781541372.
  14. News: Soper. Taylor. Tech Moves: Zillow promotes Kathleen Phillips to CFO, Amy Bohutinsky to COO; Shauna Causey joins Galvanize; and more. July 26, 2017. GeekWire. August 3, 2015.
  15. Web site: Move bolsters leadership team with 3 new hires and 1 promotion. Inman.com. July 26, 2017. August 4, 2015.
  16. Web site: Kearns . Patrick . Realtor.com continues C-suite reshuffle with new CTO hire . Inman.com . March 23, 2021.
  17. News: News Corp wants Damian Eales to replicate REA in the US. Sam. Buckingham-Jones. June 2, 2023. Australian Financial Review.
  18. News: Homestore CEO's fraud conviction overturned. San Francisco Chronicle. Bob. Egelko. January 15, 2008. July 28, 2017.
  19. News: Wedner. Diane. Homestore's New Management Trying to Put House in Order. July 28, 2017. Los Angeles Times. February 27, 2002. 1.
  20. Web site: News Corp. closes realtor.com deal. November 14, 2014. Inman.com. Paul. Hagey. July 26, 2017.
  21. News: Wedner. Diane. Homestore's New Management Trying to Put House in Order. https://web.archive.org/web/20150108153556/http://articles.latimes.com/2002/feb/27/business/fi-homestore27/3. dead. January 8, 2015. July 26, 2017. Los Angeles Times. February 27, 2002. 3.
  22. News: Monroe. Robert. Homestore.com Buys Rival Move.com Acquired in Deal Worth $761 Million.. https://web.archive.org/web/20180423170011/https://www.highbeam.com/doc/1G1-83397306.html. dead. April 23, 2018. July 31, 2017. Daily News. October 28, 2000.
  23. News: Homestore acquires move.com.. https://web.archive.org/web/20180423170008/https://www.highbeam.com/doc/1G1-67720445.html. dead. April 23, 2018. July 31, 2017. Real Estate Weekly. November 8, 2000.
  24. News: Homestore acquires HomeWrite . 9 January 2023 . Chron . 21 February 2001.
  25. News: Kersnar. Scott. Homestore Continues Buying Spree.. https://web.archive.org/web/20180423170036/https://www.highbeam.com/doc/1G1-71193624.html. dead. April 23, 2018. August 2, 2017. National Mortgage News. March 5, 2001.
  26. News: Loyd. Linda. Homestore.com to absorb IPlace.. https://web.archive.org/web/20180423170031/https://www.highbeam.com/doc/1G1-77111729.html. dead. April 23, 2018. August 2, 2017. Knight Ridder/Tribune News Service. August 10, 2001.
  27. Web site: Carter. Matt. Wolff sentenced to 4.5 years in prison. Inman.com. July 28, 2017. April 19, 2010.
  28. Web site: Stuart Wolff pleads guilty. Matt. Carter. January 11, 2010. July 28, 2017. Inman.com.
  29. News: Homestore renamed move.. https://web.archive.org/web/20180423170033/https://www.highbeam.com/doc/1G1-145468633.html. dead. April 23, 2018. August 2, 2017. Units. April 1, 2006h.
  30. News: Bruce. Allison. Move.com adds resources for real estate customers.. https://web.archive.org/web/20180423170120/https://www.highbeam.com/doc/1G1-146512018.html. dead. April 23, 2018. July 31, 2017. Ventura County Star. May 29, 2006.
  31. Web site: Homestore, Inc. acquires Moving.com, announces Name Change to Move, Inc. . Merger.com . Mirus Capital Advisors . 31 March 2022.
  32. News: Wauters. Robin. Move Acquires Online Real Estate Listing Syndicator ListHub For $13 Million. July 25, 2017. TechCrunch. September 21, 2010.
  33. News: Mortgage Match Targets First-time Homebuyers. July 28, 2017. United Press International. December 1, 2010.
  34. News: Move Acquires SocialBios, Social Search Platform.. https://web.archive.org/web/20180423170003/https://www.highbeam.com/doc/1G1-278254877.html. dead. April 23, 2018. August 2, 2017. Online Product News. August 1, 2011.
  35. Web site: Hagey. Paul. Zillow takes over real estate search at MSN Real Estate after Move Inc.'s exit. Inman.com. July 28, 2017.
  36. News: Logan. Tim. Murdoch's News Corp. to buy parent of Realtor.com for $950 million. July 26, 2017. Los Angeles Times. September 30, 2014.
  37. News: News Corp to Buy Move Inc. for $950 Million. July 26, 2017. The Wall Street Journal. September 30, 2014. Lukas I.. Alpert. Joe. Light.
  38. News: Yu. Roger. News Corp. to buy Move Inc. for about $950M. July 26, 2017. USA Today. September 30, 2014.
  39. Donato-Weinstein. Nathan. Why News Corp.'s Move Inc. is leaving downtown San Jose for Santa Clara. Silicon Valley Business Journal. July 21, 2015. July 31, 2017.
  40. Web site: Peters. Andy. News Corp's Move Acquires Online Home-Sales Platform Reesio. National Mortgage News. 2 October 2015 . July 26, 2017.
  41. Web site: Levy. Nat. Realtor.com's new features bring augmented reality, image recognition to home-buying. GeekWire. July 7, 2017. January 17, 2017.
  42. Web site: Wiggin. Teke. Realtor.com operator sells TigerLeads to Commissions Inc.: sources. Inman.com. July 28, 2017. December 2, 2016.
  43. https://businessofhome.com/news/behind-realtor-com-s-remodelista-gardenista-acquisition "Behind Realtor.com's Remodelista-Gardenista acquisition"
  44. https://www.remodelista.com/posts/remodelista-update/ "To Our Readers: Remodelista Update"
  45. Austin real estate startup Opcity to be acquired for $210 million. Lori. Hawkins. August 30, 2018. October 10, 2018. Austin American-Statesman.
  46. Anderson . Will . Opcity agrees to $210 million buyout by News Corp. . Austin Business Journal . August 30, 2018 . September 12, 2018.
  47. Marinova . Polina . Term Sheet -- Thursday, August 30 . Fortune . August 30, 2018 . September 12, 2018.
  48. Web site: Brambila . Andrea V. . Realtor.com replaces lead-gen products with Opcity referral model in 60 markets . Inman.com . March 23, 2021 . August 7, 2020.
  49. Web site: Dalrymple II . Jim . Constellation Real Estate Group acquires CRM maker from Move . Inman.com . March 23, 2021 . March 2, 2021.

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