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ApartmentLove acquires OwnerDirect.com

Company says it paid less than 1x revenue and 2.5x EBITDA for purchase

ApartmentLove, an online home and apartment rental marketing service proptech, today announced acquiring short-term vacation rental marketing platform OwnerDirect.com, according to a press release.

The purchasing company also said that the acquisition signals its entry into the short-term rental (STR) marketplace and significantly expands its reach and capacity to service the internet listing industry.

While ApartmentLove did not disclose exact terms of the purchase agreement, but says it paid less than 1x revenue and just 2.5x EBITDA for the acquisition. It also says that due to completing an exhaustive SEO audit during due diligence, its transition team has identified numerous operating efficiencies that will further enhance the purchase metrics of this transaction.

ApartmentLove noted that OwnerDirect.com has already attracted almost one million website visitors this year, claiming it is one of the largest short-term vacation rental websites in its class. It says that the transaction exemplifies the high-margin businesses that it wants to acquire “while consolidating the deeply fragmented internet listing industry.”

It also said that due to easing of pandemic-related travel restrictions, continued investment in SEO and digital marketing will restore top-line sales to pre-pandemic levels, “while earning a better than 50% EBITDA margin in the relative near term.”

“The short-term vacation rental market is very strong right now. The acquisition of OwnerDirect.com underscores our investment in the internet listing sector and commitment to expanding the scope and capacity of our business. Already very well-represented in the long-term rental market, acquiring OwnerDirect.com further enhances our product, service, and customer offering,” stated Trevor Davidson, President and CEO of ApartmentLove, in the release.

ApartmentLove currently provides services in more than 30 countries, with OwnerDirect.com operating its platform in the U.S., Canada, Mexico and Caribbean.

“We are thrilled to have completed this transaction, while retaining the entire operating and development team at OwnerDirect.com which is anticipated to provide for a long and smooth runway ahead. To our new team members, welcome to the ApartmentLove family,” Davidson added.

In other recent proptech news, Ready Capital announced originating $1.2 billion in commercial real estate and small business lending volume during Q2. Tractable also hired Amazon’s ex-head of artificial intelligence as its new AI research lead.

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