Zillow Acquires Rental And Real Estate Search Site HotPads For $16 Million To Grow Its Rental Marketplace

Zillow just announced that it has acquired the San Francisco-based rental and real estate search site HotPads for $16 million in cash. The deal is expected to close in the fourth quarter of 2012. This acquisition marks the first time that Zillow has acquired a primarily consumer-facing company and Zillow says it is making this acquisition to "expand the size of its growing rental audience and extend the reach of its marketing tools and productivity solutions for rental professionals."

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