Move (company)

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Move, Inc.
Subsidiary company
Industry Real estate
Founded 1993; 25 years ago (1993)
Headquarters Santa Clara, California, United States
Key people
  • Ryan O'Hara (CEO)
  • Bryan Charap (CFO)
  • Suhail Ansari (CTO)
  • Chung Meng Cheung (CPO)
  • Nate Johnson (CMO)
Brands
  • DoorSteps.com
  • FiveStreet
  • ListHub
  • Market Snapshot
  • MortgageMatch.com
  • Move.com
  • Realtor.com
  • Reesio
  • Relocation.com
  • SeniorHousingnet.com
  • Top Producer
Revenue $227 million[1] (2013)
Owners
Number of employees
913[1] (2013)
Parent News Corporation (2014 – present)
Subsidiaries Move Sales
Website move.com

Move, Inc. is a real estate listing company based in Santa Clara, California. The company operates the Move Network of real estate websites, the largest of which is Realtor.com. Move has a longstanding partnership with the National Association of Realtors, the real estate industry's largest trade association, for operating Realtor.com.[2][3]

Operations[edit]

Move was established in Delaware under the name InfoTouch Corporation in 1993.[1] The company is based in Santa Clara, California, and operates Move.com and Realtor.com.[4] Move's portfolio of software businesses includes FiveStreet, ListHub, Market Snapshot, Reesio, and Top Producer.[1] The company also operates Doorsteps.com (following its acquisition in 2013), MortgageMatch.com, Moving.com, Relocation.com, and SeniorHousingnet.com,[1] among other online properties.[5][6]

Ryan O'Hara serves as the chief executive officer (CEO) of Move and Realtor.com.[7][8][9] Since August 2015, Nate Johnson has been Move's chief marketing officer, and Bryan Charap has served as chief financial officer.[10][11][12] Suhail Ansari was named chief technology officer in November 2015.[13] Chung Meng Cheong became chief product officer in April 2017.[14]

History[edit]

Homestore[edit]

Stuart Wolff founded the online real estate company Homestore Inc. in 1996.[15][16] He established a partnership with the National Association of Realtors, and his company, RealSelect Inc., operated Realtor.com. Under the agreement, the National Association of Realtors had a small stake in RealSelect.[16]

The company went public as Homestore.com, Inc. in 1999,[1] and was traded on the NASDAQ stock exchange.[17] In October 2000, Homestore agreed to purchase Move.com from Cendant Corp. for $761 million in stock, leaving Cendant with a 15 percent stake.[18][19][20] In 2001, Homestore operated the websites HomeBuilder.com, HomeFair.com, Realtor.com, and SpringStreet.com, acquired HomeBid, and owned the software Top Producer as well as Wyldfyre technologies.[21] In August, the company purchased iPlace Inc., for $150 million.[22]

During the rise of the dot-com bubble, Wolff was convicted of insider trading and falsifying revenue results, and several additional executives received prison sentences for inflating earnings.[23] Homestore's 2000 and 2001 financial reports required refiling, and the U.S. Securities and Exchange Commission investigated the company in 2002.[15][16] Wolff's conviction was overturned on appeal in 2008,[15] but he eventually plea bargained for a sentence of 3–5 years.[24] Wolff resigned as CEO in January 2002,[15] and was replaced by a new management team.[16]

Homestore.com, Inc. changed its name to Homestore, Inc. in 2002, then rebranded as Move, Inc. in 2006.[1][23][25] The company's stock symbol was changed from "HOMS" to "MOVE", and the Move.com website was launched in May 2006.[26]

Move, Inc.[edit]

Move acquired the company Threewide, which operated the real estate listing service ListHub, for $13 million in September 2010. Move retained ListHub as its own separate brand.[27] Move launched an online mortgage offering called MortgageMatch.com in December 2010, targeting first time home buyers and those looking to refinance,[28] then acquired the social search platform SocialBios in 2011.[29] In 2013, Move reported $227 million in revenue and $600,000 in profit.[4] Move ended its three-year partnership with AOL real estate in December 2013, and its decade-long partnership with MSN Real Estate in July 2014.[30]

In September 2014, News Corporation agreed to purchase Move for $950 million, marking the former company's largest acquisition to date.[2] Move operated the third most-trafficked website network for U.S. listings at the time.[31][32] Ownership of Move is shared 80/20 between News Corp and REA Group, respectively.[4][33] The deal was endorsed by the National Association of Realtors, which licensed Move to operate the Realtor.com site.[33] This agreement continued after the deal closed in November.[17] In 2015, Move relocated its headquarters from San Jose to Santa Clara.[34]

Move acquired the document and transaction management provider Reesio, which specializes in residential real estate, in October 2015. The financial terms were not disclosed, and Reesio's four founders joined Move's team.[35] In 2016, Zillow paid $130 million to Move and the National Association of Realtors to settle a lawsuit over trade secrets, following its employment of two individuals who had held executive roles at Move.[3][36] Move sold its lead-generation company TigerLeads to Commissions Inc., a customer relationship management system provider, in December.[37]

References[edit]

  1. ^ a b c d e f g "Form 10-K: Move, Inc". U.S. Securities and Exchange Commission. December 31, 2013. p. 6. Retrieved July 31, 2017. 
  2. ^ a b Logan, Tim (September 30, 2014). "News Corp. to buy parent of realtor.com for $950 million". Los Angeles Times. Tronc. ISSN 0458-3035. OCLC 3638237. Retrieved July 7, 2017. 
  3. ^ a b Collins, Jeff (June 7, 2016). "Zillow to pay Realtor.com $130 million over trade secrets". Orange County Register. Anaheim, California: Digital First Media. ISSN 0886-4934. OCLC 12199155. Retrieved July 7, 2017. 
  4. ^ a b c de la Merced, Michael J.; Steel, Emily (September 30, 2014). "News Corp. to Buy Move, a Real Estate Listings Site". The New York Times. The New York Times Company. ISSN 0362-4331. OCLC 1645522. Retrieved July 26, 2017. 
  5. ^ Sullivan, Heather (April 6, 2017). "CoStar is hiring about 230 workers in Richmond this year". WWBT. Retrieved July 31, 2017. 
  6. ^ Donato-Weinstein, Nathan (September 30, 2014). "Move Inc. CEO Steven Berkowitz on what's next after News Corp buy". Silicon Valley Business Journal. Retrieved July 31, 2017. 
  7. ^ Trejos, Nancy (June 24, 2015). "Airbnb, Realtor.com team up to let you try before you buy". USA Today. Gannett Company. ISSN 0734-7456. Retrieved July 7, 2017. 
  8. ^ Hagey, Paul. "Move CEO Ryan O'Hara: 'We're a safer option'". Inman.com. Retrieved July 31, 2017. 
  9. ^ Scheinin, Richard (May 18, 2016). "Q&A: Realtor.com CEO Ryan O'Hara talks online real estate". The Mercury News. San Jose, California: Digital First Media. ISSN 0747-2099. OCLC 145122249. Retrieved July 7, 2017. 
  10. ^ "CFO Moves: Endurance International Group, TPG Specialty Lending, Move Inc., BrainStorm Cell Therapeutics". The Wall Street Journal. News Corporation (Dow Jones & Company). August 3, 2015. ISSN 0099-9660. OCLC 781541372. Retrieved July 26, 2017. 
  11. ^ Soper, Taylor (August 3, 2015). "Tech Moves: Zillow promotes Kathleen Phillips to CFO, Amy Bohutinsky to COO; Shauna Causey joins Galvanize; and more". GeekWire. Retrieved July 26, 2017. 
  12. ^ "Move bolsters leadership team with 3 new hires and 1 promotion". Inman.com. August 4, 2015. Retrieved July 26, 2017. 
  13. ^ "Move appoints Suhail Ansari as its new CTO". Inman.com. Retrieved July 26, 2017. 
  14. ^ Wiggin, Teke. "Realtor.com hires new chief product officer, Chung Meng Cheong". Inman.com. Retrieved July 26, 2017. 
  15. ^ a b c d Egelko, Bob (January 15, 2008). "Homestore CEO's fraud conviction overturned". San Francisco Chronicle. Retrieved July 28, 2017. 
  16. ^ a b c d Wedner, Diane (February 27, 2002). "Homestore's New Management Trying to Put House in Order". Los Angeles Times. p. 1. Retrieved July 28, 2017. 
  17. ^ a b Hagey, Paul (November 14, 2014). "News Corp. closes realtor.com deal". Inman.com. Retrieved July 26, 2017. 
  18. ^ Wedner, Diane (February 27, 2002). "Homestore's New Management Trying to Put House in Order". Los Angeles Times. p. 3. Retrieved July 26, 2017. 
  19. ^ Monroe, Robert (October 28, 2000). "Homestore.com Buys Rival Move.com Acquired in Deal Worth $761 Million". Daily News. Retrieved July 31, 2017 – via HighBeam Research. (Subscription required (help)). 
  20. ^ "Homestore acquires move.com". Real Estate Weekly. November 8, 2000. Retrieved July 31, 2017 – via HighBeam Research. (Subscription required (help)). 
  21. ^ Kersnar, Scott (March 5, 2001). "Homestore Continues Buying Spree". National Mortgage News. Retrieved August 2, 2017 – via HighBeam Research. (Subscription required (help)). 
  22. ^ Loyd, Linda (August 10, 2001). "Homestore.com to absorb IPlace". Knight Ridder/Tribune News Service. Retrieved August 2, 2017 – via HighBeam Research. (Subscription required (help)). 
  23. ^ a b Carter, Matt (April 19, 2010). "Wolff sentenced to 4.5 years in prison". Inman.com. Retrieved July 28, 2017. 
  24. ^ Carter, Matt (January 11, 2010). "Stuart Wolff pleads guilty". Inman.com. Retrieved July 28, 2017. 
  25. ^ "Homestore renamed move". Units. April 1, 2006. Retrieved August 2, 2017 – via HighBeam Research. (Subscription required (help)). 
  26. ^ Bruce, Allison (May 29, 2006). "Move.com adds resources for real estate customers". Ventura County Star. Retrieved July 31, 2017 – via HighBeam Research. (Subscription required (help)). 
  27. ^ Wauters, Robin (September 21, 2010). "Move Acquires Online Real Estate Listing Syndicator ListHub For $13 Million". TechCrunch. Retrieved July 25, 2017. 
  28. ^ "Mortgage Match Targets First-time Homebuyers". United Press International. December 1, 2010. Retrieved July 28, 2017. 
  29. ^ "Move Acquires SocialBios, Social Search Platform". Online Product News. August 1, 2011. Retrieved August 2, 2017 – via HighBeam Research. (Subscription required (help)). 
  30. ^ Hagey, Paul. "Zillow takes over real estate search at MSN Real Estate after Move Inc.'s exit". Inman.com. Retrieved July 28, 2017. 
  31. ^ Logan, Tim (September 30, 2014). "Murdoch's News Corp. to buy parent of Realtor.com for $950 million". Los Angeles Times. Retrieved July 26, 2017. 
  32. ^ Alpert, Lukas I.; Light, Joe (September 30, 2014). "News Corp to Buy Move Inc. for $950 Million". The Wall Street Journal. Retrieved July 26, 2017. 
  33. ^ a b Yu, Roger (September 30, 2014). "News Corp. to buy Move Inc. for about $950M". USA Today. Retrieved July 26, 2017. 
  34. ^ Donato-Weinstein, Nathan (July 21, 2015). "Why News Corp.'s Move Inc. is leaving downtown San Jose for Santa Clara". Silicon Valley Business Journal. Retrieved July 31, 2017. 
  35. ^ Peters, Andy. "News Corp's Move Acquires Online Home-Sales Platform Reesio". National Mortgage News. Retrieved July 26, 2017. 
  36. ^ Levy, Nat (January 17, 2017). "Realtor.com's new features bring augmented reality, image recognition to home-buying". GeekWire. Retrieved July 7, 2017. 
  37. ^ Wiggin, Teke (December 2, 2016). "Realtor.com operator sells TigerLeads to Commissions Inc.: sources". Inman.com. Retrieved July 28, 2017. 

Further reading[edit]