Urbanimmersive has announced having acquired the assets of CoreLogic's HomeVisit for stocks and other considerations estimated at around $8 million. The deal will see the industry's leading visual content marketing tool integrated into Ubranimmersive’s tool chest.
HomeVisit provides visual content marketing-focused real estate solutions, including property listing photography, videography, 3D tours, drone imagery, printing services and other related services. The service made revenues of over $7.8 million in the fiscal year 2021, according to the news from Urbanimmersive.
The media release also claims the HomeVisit is the most important acquisition made by Urbanimmersive since its inception in 2007. The release goes on to say it’s the most strategic move, as well. Urbanimmersive says the investment will significantly expand the Company’s presence in many regions in the US, brings new product offerings and is setting the table for significant growth and cross-selling opportunities with CoreLogic Group. Ghislain Lemire, President and CEO of Urbanimmersive, offered this:
“We are excited to welcome HomeVisit, a well established and respected brand in the industry to Urbanimmersive’s portfolio of brands today. While this represents a significant acquisition that is expected to double the revenues of the Urbanimmersive Group and makes us a clear leader as a tech-powered real estate photography service business in North America, we are proud of having reached with CoreLogic a transaction which will enable us to not use our working capital in short and mid-term, giving us the necessary leeway to build value for our investors. We are also happy and feel privileged to welcome CoreLogic as a strategic partner and shareholder of Urbanimmersive.”
He went on to say the integration of HomeVisit will significantly improve customers’ buying experiences. Quebec-based Urbanimmersive now has an opportunity to boost its revenue dramatically and to cross-sell other CoreLogic products. The company continued to expand its business footprint across the U.S. Just last month, the company announced the launch of a franchise program for its 3D photography solutions. Devi Mateti, Managing Director at CoreLogic had this to add about the deal:
"I am very pleased, along with our HomeVisit and CoreLogic teams, to partner with Urbanimmersive Group. For us, Urbanimmersive has clearly demonstrated to have robust business solutions to successfully integrate HomeVisit, add value to our mutual customers buying experience while bringing state-of-the-art 3D and floor plan solutions. We could not have found better hands to take care of our HomeVisits’ customers."
CoreLogic now owns shares in Urbanimmersive equal to 19.9% of the company as of the five previous days prior to the deal's closing.