Trulia moves into CRM with $355 million buy

Online real estate service Trulia has paid $355 million for Market Leader in an effort to move beyond listings into the customer relationship management services that Washington-based Market Leader provides.

The combined company will have 46,000 “premium subscribers, more than any other online real estate marketplace,” San Francisco-based Trulia said in an announcement of the deal Wednesday.

Combining that subscriber base with Trulia’s 31 million monthly unique visitors “creates a company that will play an even more integral role driving value to the real estate industry,” said Trulia’s chief executive officer Pete Flint.

Market Leader offers real estate brokerages software to manage leads and relationships with customers.

The $355 million deal “represents an implied price of $11.33 per share (based on Trulia’s closing share price on Tuesday, May 7, 2013),” Trulia said.

Shareholders of Market Leader receive $6 in cash and 0.1553 shares of  Trulia’s common stock for each share of Market Leader common stock, The purchase price “represents an 18% premium to Market Leader’s closing share price of $9.61 on Tuesday, May 7, 2013,” Trulia said.

Headquarters of the combined company will be San Francisco. Market Leader, with offices in Kirkland, Washington, “will operate as a wholly-owned subsidiary of Trulia,” the announcement said.




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