[Techtaffy Newsdesk]
Zillow has entered into a definitive agreement to buy HotPads, a map-based rental and real estate search site for$16 million in cash. This is Z illow’s first acquisition of a primarily consumer-facing company. The transaction is subject to satisfaction of customary closing conditions and is expected to close in the fourth quarter of 2012.
Apart from the website, HotPads also has five mobile apps across iOS and Android. Nearly 2.8 million unique users visited HotPads in October, primarily to shop for rentals, nearly 70 percent of all listings viewed during the month were homes or apartments for rent.
Founded in 2005, HotPads has 19 employees, and will continue to operate from San Francisco.
HotPads will be the sixth acquisition by Zillow in less than two years.