99 Group acquires real estate portal and data provider SRX

99.co founder and CEO Darius Cheung and Facebook co-founder Eduardo Saverin. Photo: Bloomberg

99 Group, which operates several Southeast Asian property platform brands, has acquired property platform and real estate data provider Singapore Real Estate Exchange (SRX), according to a statement.

Under a sale and purchase agreement finalised on November 7, 99 Group will acquire all the shares in Streetsine Singapore Pte Ltd, the operator of SRX.

Financial terms of the deal, which is expected to be completed by Q2, 2021, were not disclosed.

With this acquisition, SRX will join the group of property platform brands owned by 99 Group including Sequoia-backed 99.co and iproperty.com.sg.

The deal will help 99 Group create a wider pool of listings, information, and data tools for consumers and real estate professionals in Singapore.

This move follows the blueprint adopted by the company in Indonesia, where it acquired UrbanIndo and merged with rumah123.com to become the largest property platform in the country.

Established in 2009, SRX is a digital platform that uses the AI algorithm X-Value to provide an instant, accurate estimate of a property’s value. SRX’s other data products included Analyzer and Home Report.

“SRX’s best-in-class data capabilities are a natural fit for our platform that increasingly emphasises the quality of listings and content so that users receive trustworthy information. The proprietary technology will also boost our ability to roll out game-changing innovations in the region,” said 99 Group CEO Darius Cheung.

99 Group owns 99.co, one of the fastest-growing property platforms in Southeast Asia.

In October last year, 99.co and Australia-listed digital advertising firm REA Group established a joint venture that the duo claims will be the largest online property listing platform in Indonesia and a top position contender in Singapore.

This combines its existing businesses with the latter’s iProperty.com.sg and Rumah123.com located in Singapore and Indonesia.

Existing 99.co shareholders, including founding partners of Sequoia, Facebook co-founder Eduardo Saverin, Allianz X, MindWorks Ventures, East Ventures, and 500 Startups, will have a combined stake in the JV company of 73 per cent.

 

 

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.