Domain Group has acquired a 50 per cent stake in an Australian services company as it looks to bolster its commercial real estate business.
The acquisition target, Beevo, is a free personalised service for SMEs to connect their essential services when moving premises or when seeking better deals on existing contracts.
Established in Melbourne in 2013, the company can set up a complete range of services for commercial clients, including electricity, gas, water, fuel cards, telecommunications and waste management.
Domain Group CEO Antony Catalano described the acquisition as a key move for the commercial real estate business.
“Beevo taps into the strong market demand for a commercial connections offering that recognises the specific needs of businesses and the critical importance of being operational from day one,” Mr Catalano said.
“This allows us to broaden our offering to agents and consumers across the commercial property lifecycle.
“The partnership with Fairfax and the Domain Group will accelerate Beevo’s rollout while at the same time providing CRE with an additional revenue stream.
“This is a valuable bolt-on to the CRE business, and we will continue to look at opportunities to strengthen and build our market position,” Mr Catalano said.
The news comes after Domain paid $15 million last month for an interest in online digital marketplace Oneflare, which connects consumers with local trade services providers.