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SAN FRANCISCO-LoopNet Inc., the publicly traded online property listing service has acquired REApplications, Inc. a San Diego-based provider of on-demand brokerage operations software. LoopNet says the purchase price was $9.4 million in cash.

REApplications has been consistently profitable as a stand-alone business, LoopNet says. Going forward, the company will operate as a wholly-owned subsidiary of LoopNet, and the existing senior operating executives of REApplications will all remain with the company post-acquisition.

LoopNet expects that REApplications will contribute approximately $2.3 million in revenues for the remainder of 2008. The additional revenue will have no significant impact on 2008 EBITDA, it says, and will be dilutive to 2008 EPS in the range of approximately ($.02) per diluted share due to various acquisition and integration related expenses.

Founded in 1999, REApplications’ products are web-based and available on-demand on a hosted basis. The product suite includes core functions for managing market research including property inventory, listings and comparables, commission management, customer relationship management, project tracking and transaction management. Its Clients reportedly include Lee & Associates, Coldwell Banker Commercial, Grubb & Ellis BRE, Colliers Turley Martin Tucker, Cushman & Wakefield LePage, GVA Advantis and Integra Realty Resources.

ReApplications founder Jim Young says the sale “validates our original vision and strategy of supporting the entire lifecycle of a commercial property listing electronically.”

LoopNet has more than 2.75 million registered members and lists $500 billion of property for sale and 4.3 billion sf for lease. The company also owns CityFeet.com and BizBuySell.com.

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