Quebec-based Urbanimmersive sees an opportunity to double its revenue and cross-sell other CoreLogic products as it continues to expand its presence in the U.S.
Join industry visionaries Pete Flint, Spencer Rascoff, Ryan Serhant and more at Inman Connect New York, Jan. 24-26. Punch your ticket to the future by joining the smartest people in real estate at this must-attend event. Register here.
CoreLogic has sold real estate photography and virtual tour provider HomeVisit to a Canadian company, Urbanimmersive Inc., in exchange for a 19.9 percent stake in its new strategic partner.
The deal to acquire Chantilly, Virginia-based HomeVisit for $6.5 million ($9 million Canadian), “will be the most important acquisition made by Urbanimmersive since its inception in 2007,” the company announced Tuesday.
Based in Saint-Hubert, Quebec, Urbanimmersive is a publicly traded company that sees an opportunity to double its revenue as it continues to expand its presence in the U.S. and cross-sell other CoreLogic products.
Urbanimmersive had previously beefed up its U.S. presence in December, by acquiring IMOTO and RocketPhoto for $5 million Canadian ($3.62 million U.S. at current exchange rates).
Executives at Urbanimmersive see the HomeVisit acquisition as strategic, “as it will significantly expand the company’s presence in many regions in the U.S., brings new product offerings and is setting the table for significant growth and cross-selling opportunities with CoreLogic Group.”
Urbanimmersive generated $4.07 million in revenue (Canadian) in all of 2021, but a string of recent acquisitions helped boost revenue for the quarter ending June 30 by 159 percent to $2.85 million.
Ghislain Lemire
Acquiring HomeVisit, which posted $7.83 million in 2021 revenue, is expected to double Urbanimmersive’s revenues, and “makes us a clear leader as a tech-powered real estate photography service business in North America,” CEO Ghislain Lemire said, in a statement.
Lemire…