A challenger property portal to Rightmove and Zoopla has been sold to American data and tech firm CoStar.
OnTheMarket was launched in 2013 and from the outset it was owned and funded as a mutual with the ambition to challenge Rightmove and Zoopla and become nationally recognised online property portal for consumers.
Talks had been ongoing since it was first announced in October that an offer had been made for the business with conrirmation this week of the sale going through.
Taking to social media, CEO Jason Stebb described the sale as “a pledge to do something truly transformational in the sector. It signifies our commitment to making a positive impact on the industry as a whole.
“We were founded by agents as a competitive response to the negative effects of a duopolistic market and ten years on from OnTheMarket’s inception, agents continue to be passionate about the need for real competition. But now we have the potential to be much more than ‘competition’. Collectively, we are in the best position to now invest heavily and challenge our competitors.”
Adding
“I joined as CEO in December 2020. Almost exactly 3 years on and much has been achieved and there have been significant steps forward financially, operationally and strategically.
The strategic developments over the past few years have not only ensured the sustainability of the OnTheMarket portal, but placed the business in a perfect position to challenge the market leaders.
During our discussions it became very clear that a combination of OnTheMarket’s agent friendly platform with CoStar’s proven track record of transforming similar platforms across the world, was a powerful and industry leading collaboration. I was reminded of the original intentions of those brave group of agents who founded Agents Mutual. “To create a market-leading, national portal which would deliver services to its Members at sustainably fair prices.”
In my opinion, and as an ex-estate agent of 20 years, the collaboration between OnTheMarket and CoStar will enable us to deliver on this original aim.
This new dawn for our business will continue to honour the legacy of OnTheMarket and its core ethos, while propelling it to new heights. We are driven by a shared vision of greatness, fuelled by the relentless pursuit of progress, and inspired by the extraordinary possibilities that lie ahead, to the benefit of our customers.
CoStar will bring industry-leading global expertise and significant financial firepower to invest in OnTheMarket, allowing us to accelerate our plans. Our shared values and commitment to our customers will provide agents unparalleled value and greater opportunities to enhance their businesses.
We have built the foundations to become the number one property search site in the UK and now with CoStar’s technology, expertise and capital, this deal allows us to turbo charge our strategy and for the first time in our history, go head-to-head with the market leaders. I am truly excited by what we can achieve together. With the support of our agents, we will change the portal landscape, forever. The most exciting part of the journey is yet to come.
Now is our time.”
