Zumper will run PadMapper as a subsidiary which will be keeping its own structure and two products will share the same backend.
Zumper co-founder and CEO Anthemos Georgiades said the the price of the deal is under $10 million and is a mix of stock and cash. PadMapper never bagged outside funding round and company founder Eric DeMenthonwill will own majority share of it. Dementhon and PadMapper CTO Rob Crowell had joined Zumper.
Zumper CEO Georgiades stated that this is the first step towards the company vision. It wanted to build platform which makes renting an apartment as easy as booking a hotel room.
Georgiades offered Instant Apply and making it simpler to apply for an apartment and it tells the company is also presently running “a private beta of higher touch model an allowing renters to book apartments.”
“The first couple of years, we just did the simple stuff,” he told. The company is likely to reach its break even by summer end and is expecting to get 9 million monthly visits for its combined platforms by summer.
“But with Zumper and PadMapper, we now have a closed loop and don’t need other,” Georgiades said. “Everybody who looks for an apartment will touch our platforms,” Georgiades said. It team tells the company has no interest in reaching out to other real estate products which shall be competing with likes of Zillow and Redfin and focusing on home buying.