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.
“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.
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.”