Online property listing platform Zoopla has acquired property market insights and analytics firm Hometrack for £120m in cash.

Founded in 1999, Hometrack will continue to operate as a standalone brand and platform following the acquisition.

The company, which is thought to have partnered with some of the top mortgage lenders in the UK, currently employs 55 people based out of offices in London and Sydney.

Alex Chesterman, founder and CEO of ZPG, spoke about the acquisition: “We are delighted to announce the acquisition of Hometrack, the clear market leader in AVM services in the UK.

“The deal gives us unrivaled capabilities to serve our estate agent and developer partners even more effectively with market-leading valuation tools and data intelligence to help them win more business. Hometrack is a perfect fit for us and I forward to welcoming Charlie and his team to the ZPG family.”

Charlie Bryant, chief executive officer of Hometrack, said the company had had a long-standing relationship with ZPG.

” [We] share the same vision of using data to help our partners operate more effectively. My team and I are very much looking forward to helping develop ZPG’s data services business, further growing the quality and breadth of the services to our partners and cementing ZPG as the market leader for residential property market insights and analytics,” he concluded.

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