Property website Housing.com, run
by Locon Solutions Pvt. Ltd., announced two acqui-hires for an undisclosed
amount to boost its supply product portfolio. Acqui-hiring is the process by which
one company acquires another to gain access to its employees. In such an
acquisition, the acquiring company may or may not have any interest in the
target company’s products and services.
Housing.com bought Plat, an online network
for agents enabling them to share real estate inventories and BigBHK, property management
software (PMS) targeted at rental suppliers. With these acqui-hires,
Housing.com acquires quality talent from premier institutions such as IIT Delhi
and BITS Pilani. Softbank and other investors in the Mumbai based realty
website are trying to cut costs, restructure businesses and boost revenues as
part of a plan to turn the firm profitable.
Housing.com has hired restructuring
advisory firm Alvarez and Marsal Holdings, LLC. The hiring of Alvarez and
Marsal stems from the need to reorient the firm’s strategy following months of
turmoil between investors and Yadav over the running of Housing.com. The
acqui-hire will empower partners and consumers to better manage their property
portfolio ensuring convenience and transparency.
Plat will help Housing.com to help
drive efficiencies in communications and operations such as posting leads and
enhancing property showcase experience, thereby closing deals faster. While
BigBHK helps the firm to help its partners to manage their property portfolios
with a comprehensive web based property management solution. BigBHK runs
successful operations across Bangalore, Hyderabad and Pune and is soon entering
into Chennai.
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