Property Grunt

Saturday, April 03, 2010

Breaking News! Propertyshark has been bought out!

I just got an email from Brian Scully over at PropertyShark that they have been acquired by Yardi Systems.

Who? What? Where? How? Why? When? This should answer everything.

Yardi Systems Acquires PropertyShark for Real Estate Data

SANTA BARBARA, Calif.--(BUSINESS WIRE)--Yardi Systems announced today that it has acquired PropertyShark, creators of PropertyShark.com, the premier real estate data website.

“Yardi acquired PropertyShark to expand the service nationally, strengthen our suite of products, and provide our clients with fully integrated access to detailed property information.”

Yardi acquired the New York-based company to integrate deep property data into the Yardi suite of real estate investment management and property management software.

"PropertyShark’s aggregation of real estate data from hundreds of sources into a single property research website has changed the way real estate investors, professionals, and consumers educate themselves and make decisions about property in hubs like New York and Los Angeles,” said Gordon Morrell, Yardi’s executive vice president and chief operating officer. "Yardi acquired PropertyShark to expand the service nationally, strengthen our suite of products, and provide our clients with fully integrated access to detailed property information.”

“When I founded PropertyShark in 2002, I wanted access to the hard-to-reach property information held by sellers, city agencies and brokers so I could make informed decisions about real estate investments I was considering,” said Matthew Haines, PropertyShark’s founder. “To see the concept taken from one neighborhood in New York City into the hands of one of the largest and most successful real estate software companies is a victory for everyone involved in buying, managing, and selling real estate based on transparent and comprehensive research.”


It sounds like a match made in heaven. It is a very, very smart move on Yardi's part because there is no barrier to entry for the product they provide. Having Propertyshark as part of their portfolio will bring more added value to their products.

The good news is that Yardi is keeping everyone. Brian was very kind and gracious in thanking me for the coverage I gave for Propertyshark. It is very much appreciated. However, I have to acknowledge that there were bigger and better sites that shined the light on Propertyshark.

Propertyshark also had their own special fire which never got snuffed out, even with the appearance of Zillow. In fact Propertyshark just got stronger and better.

I wish Brian and his team the best. They are a good crew that put out a quality service.