A real estate industry connections business has had a majority shareholding taken up by market-leading utility comparison and connections service provider Compare & Connect.
YourPorter has been acquired by Compare & Connect. The latter is described as a technology-driven utility comparison and connection service “with a platform that powers many leading Australian comparison brands, finance aggregators and real estate agencies who refer their customers to connect for essential utility services”.
YourPorter was co-founded in November 2013 by CEO Tony Zarka and leading real estate groups to offer real estate agents ownership in the utility connections business. Over the intervening six years, the company has demonstrated exceptional growth and innovation, making it a highly desirable asset for Compare & Connect, according to CEO Neil Saligrama.
“Compare & Connect is very excited about this acquisition as it gives us the ability to expand our digital ecosystem to more customers, adding value to customers and real estate partners,” Mr Saligrama said.
“For the first time, Compare & Connect will provide an end-to-end solution direct to customers moving home through the extensive network created by the YourPorter brand. The acquisition will, through technology and product offering delivered by Compare & Connect, allow YourPorter to add more value to its customer base.
“Compare & Connect has seamless integrations with the major[ity] of property technology companies and these capabilities will further strengthen the proposition as a group and will assist referral partners to grow their earnings.
“We continue to look for opportunities to broaden our product offering and customer base and this acquisition aligns with that vision. Compare & Connect will complete several more acquisitions during the 2021 financial year.”
According to a statement, YourPorter’s new acquisition structure “will continue to reward those offices who have been on the journey with YourPorter through an equity earn-out”.
“It also means that real estate offices who join YourPorter over the next period will also be entitled to earn equity each year and be rewarded for their contributions every 12 months over and above the lucrative referral commission in the market.”
Speaking about the acquisition, Mr Zarka said: “We are excited by this transaction with Compare & Connect as it allows YourPorter to leverage Compare & Connect’s large retail panel and digital experience while still offering choice for YourPorter customers. YourPorter will remain the brand that real estate agents work with and trust to provide their clients with a flawless service.
“We feel that the synergies attained will benefit our customers and partners through increased choice, products, digitalisation and reach. The combined business will deliver increased partner benefits through realising equity earned, and give real estate offices, who want to enjoy future equity, the ability to do so.”