View Media Group (VMG) -- formed by the sons of media figures -- has acquired AD Group, which powers off-the-plan property platforms.
Commercial details have not been revealed.
The latest deal follows the recent acquisition of proptech company, The Today Business.
AD Group was founded in 2014 by Jordy Catalano (son of ACM's Antony Catalano) and Tom Hywood (son of Greg Hywood, former Fairfax CEO) with the launch of the website a-d.com.au, a portal for off-the-plan apartment developments and house & land sales.
In 2017, AD Group launched Development ID, an inventory management platform for property developers and sales agents to manage and monitor sales from across the globe in real time.
More than $8 billion of property sales has been transacted through the Development ID portal since launch, with the platform integrated into the workflow of national property sales businesses including Colliers Residential and CBRE Residential.
Antony Catalano, who is VMG's executive chairman, said: “The development and growth of AD Group into a market-leading real estate digital company has been a text-book example of vision, planning and execution.
“This is a strategically important and exciting acquisition for VMG and we are thrilled to welcome, not only Tom and Jordy to the team, but also their impressive stable of industry partners and clients who have supported the rapid growth of AD Group.
“While VMG is much more than a portal business, AD Group, along with realestateview.com.au, will be the consumer face of our group and this transaction will allow us to invest in these valuable brands, drive audiences via our partners in Seven West Media and ACM and deliver on our vision of seamlessly connecting vendors with buyers.”
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.