Tuesday, December 6, 2022

Real estate marketer Diakrit buys virtual tour company Virtuance

Must read

How to give 5-star service to your military and veteran clients

Working with veterans may be different than working with other clients. But ultimately, our job as real estate professionals is to understand...

Home tours plummeted by half this year in Western states

Nationwide, home showing activity in October was down 27 percent year over year. In the West, the drop-off was nearly twice as...

RLTY Capital launches suite of agent Success Services

Agents who sign on can access legal structuring and advisory services, a network of industry thought leaders, accountants, wealth managers and a...

Global central banks extend rate hike push in November

© Reuters. FILE PHOTO: The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise...

The deal comes as real estate imagery and the ability to see properties virtually have become indispensable during the pandemic. Diakrit CEO Ken Brown hinted at more acquisitions in the future.

Real estate marketing firm Diakrit has acquired real estate photography and virtual tour company Virtuance, the companies announced Wednesday.

The companies did not disclose the financial terms of the deal, which comes as real estate imagery and the ability to see properties virtually became indispensable during the pandemic. The deal closed on March 18.

Stockholm, Sweden-based Diakrit provides more than 2,000 real estate brokerages worldwide with high-quality marketing content including magazine-quality photography, 2D and 3D floor plans, virtual tours, digital renovating and decorating tools, video, and social media advertising, the companies said in a press release.

Denver-based Virtuance, founded in 2010, counts more than 45,000 real estate agents in 37 cities nationwide as customers.

Jeff Corn

“When we started Virtuance, we had a big vision of helping real estate professionals grow by using technology to create effective, affordable, and scalable visual marketing solutions that wow buyers, sellers, and renters alike,” said Jeff Corn, co-founder and CEO of Virtuance, in a statement.

“Eleven years later, our incredible team and our technology have set the standard for real estate marketing in the U.S., and by joining forces with Diakrit, we’ll be able to raise the bar even further for our clients in setting the global standard.”

Corn and everyone on the Virtuance team will stay in their current roles, and management and founders for both companies “will continue to hold significant ownership in the combined group,” the companies said.

News Corp. bought a majority stake in Diakrit for $40 million in 2016, but two years later, Diakrit’s founders bought out those shares. The company is backed by Adelis Equity Partners, a Stockholm-based private equity firm focused on companies in the Nordic countries.

Ken Brown

In a statement, Diakrit CEO Ken Brown hinted at more acquisitions to come and expansions into related markets.

“Together, Virtuance and Diakrit will continue to invest in an ambitious growth strategy by consolidating and organically growing market share, and further accelerate their dominance in each market through strategic acquisitions,” Brown said.

“With this new and exciting partnership, both companies stand to gain expansion into adjacent services in existing and future markets.”

Email Andrea V. Brambila.

Like me on Facebook | Follow me on Twitter

More articles

Latest article

How to give 5-star service to your military and veteran clients

Working with veterans may be different than working with other clients. But ultimately, our job as real estate professionals is to understand...

Home tours plummeted by half this year in Western states

Nationwide, home showing activity in October was down 27 percent year over year. In the West, the drop-off was nearly twice as...

RLTY Capital launches suite of agent Success Services

Agents who sign on can access legal structuring and advisory services, a network of industry thought leaders, accountants, wealth managers and a...

Global central banks extend rate hike push in November

© Reuters. FILE PHOTO: The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans to raise...

BP doubles down on hydrogen as fuel of the future

2/2 © Reuters. The BP logo is seen at a BP gas station in Manhattan, New York City, U.S., November 24,...