SEATTLE—Zillow Group said Wednesday it had entered into a definitive agreement to buy DotLoop, a Cincinnati-based e-signing service for real estate agents. Terms of the transaction were not disclosed; it's expected to close in the third quarter, subject to customary closing conditions.
"Real estate transactions are already moving online—it's what home buyers, sellers and real estate professionals want,” says Spencer Rascoff, Zillow Group's CEO. “We're incredibly excited by DotLoop's innovation and leadership in making digital transactions a reality. Now we will be able to make their technology more readily available to Zillow Group's 10,000 broker partners and the agents they represent, as well as our approximately 100,000 real estate agent advertisers, resulting in a smoother and more efficient transaction process for everyone."
Founded in 2009, Dotloop is led by Austin Allison. He's been recognized both within the industry and outside of it, featured as Inman News' 2012 Innovator of the Year, included in Forbes' 30 Under 30 for 2012 and ranked eleventh among the most powerful real estate technology executives in the Swanepoel Power 200 Report. Post-close, Allison will continue to lead DotLoop as founder and general manager, reporting to Errol Samuelson, Zillow's chief industry development officer.
DotLoop has 124 employees across its Cincinnati headquarters and office in San Francisco. The company previously raised $14 million in funding from Trinity Ventures and angel investors.
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