LoopNet announced Tuesday that it's paying $9.4 million forREApplications, an eight-year-old San Diego-based company thatdevelops software-as-a-service for the real estate industry.LoopNet CEO Richard Boyle describes REApplications as a "strong,client-centric, innovative business" that has focused on building"value and relationships" with its clients.
REApplications provides a comprehensive, integrated suite ofcommercial brokerage automation software that enables executives,professionals and staff to manage property data and marketresearch, collaborate with clients on transactions, manageprospects and client relationships and perform other commercialbrokerage operations. LoopNet plans to operate REApplications as awholly-owned subsidiary and reports the existing senior operatingexecutives of REApplications will all remain post-acquisition.
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