Makes largest real estate technology acquisition to date, greatly expanding customer base, industry expertise
Norfolk, Va., March 22, 2007 – Dominion Enterprises, a leading media and information services company, announced today that it has acquired eNeighborhoods, the nation’s premier real estate data, technology and marketing solutions provider. Terms of the transaction were not disclosed.
Reaching more than 400,000 real estate professionals through its individual agent and enterprise products, eNeighborhoods is the leader in providing a comprehensive set of tools to attract and retain home buyers and sellers. Founded in 1997 and employing 140 people in Boca Raton, Fla., the company provides real estate professionals the most up-to-date, localized information available about properties, neighborhoods and schools.
“eNeighborhoods is a powerhouse in the real estate industry. Their award-winning products and services in marketing, Web sites and direct mail are only part of their story. They are also a cutting-edge data and technology company, providing aggregation, development and hosting services for some of the biggest names in the industry,” said Peter Ill, senior vice president and general manager of Dominion’s Internet real estate businesses.
Current eNeighborhoods clients include some of the country’s largest MLS providers
and RE/MAX International through the management of remax.com and LeadStreet.
This announcement follows a series of recent Dominion Enterprises’ acquisitions intended to extend the company’s leadership in the real estate industry. With the addition of eNeighborhoods’ reach in agent and enterprise technology solutions, Dominion now provides one of the most comprehensive offerings of technology tools for real estate professionals.
President and Chief Executive Officer of Dominion Enterprises Conrad M. Hall said, “In the last 10 years, eNeighborhoods has emerged as a leader in gathering and presenting the information that is most critical to real estate professionals in the United States. We view this acquisition as an exciting new addition to our portfolio of real estate businesses that will expand our capabilities in data mining and distribution. ”
Dominion’s portfolio of real estate solutions currently includes: Homes.com, a homes-for-sale portal and Web services provider; Advanced Access, a leading provider of Web design, Internet marketing and hosting services for real estate professionals; NUMBER1EXPERT, the premier provider of Internet marketing services to top-producing real estate agents; Katabat, a leading Web site and lead management provider for brokers; eProspecting, a leader in real estate marketing solutions; and HarmonHomes.com. Dominion Enterprises is also the largest publisher of free distribution residential real estate magazines including Harmon Homes, Home Solutions, New Homes & Living, and Distinctive Homes.
Stu Siegel, Chief Executive Officer and founder, will continue to lead eNeighborhoods and will take on an additional strategic role helping guide Dominion’s efforts to maximize the company’s opportunities within the real estate space.
“Dominion Enterprises is the right company at the right time,” said Siegel. “Online real estate is wide open with no clear industry leader. We feel that Dominion has the knowledge and capital to be the leader in this space, and we want to be part of that winning team.”
About eNeighborhoods, Inc.
Since 1997, eNeighborhoods, the nation’s premier compiler of home and neighborhood information, has been providing real estate professionals with a comprehensive set of tools to attract and retain home buyers and sellers with the most up-to-date, localized information about property, neighborhoods and schools. In 2002, eNeighborhoods achieved the REALTOR Benefits® status with endorsement from The National Association of REALTORS® (NAR). The company also has strategic alliances with major real estate franchisers: Realogy, Century 21, Coldwell Banker, ERA, GMAC, Prudential, Keller Williams, EXIT Realty and RE/MAX, as well as many of the major independent brokerages. eNeighborhoods is the proud founding sponsor of NAR’s Good Neighbor Award which educates, encourages and rewards outstanding community service by real estate professionals throughout the country. Stu Siegel, the company’s CEO, has been selected as the Ernst & Young Entrepreneur of the Year and the Eastern Technology CEO of the Year. For more information on eNeighborhoods, visit eNeighborhoods.com.
About Dominion Enterprises
Dominion Enterprises, headquartered in Norfolk, Va., is a leading media and information services company serving employment, real estate, automotive, recreation and industrial markets in the United States. The company operates a variety of technology businesses that offer Internet marketing, Web site design and hosting, lead generation, CRM, and data capture and distribution services including Advanced Access, PowerSports Network, and Dealer Specialties. The company has more than 500 paid and free magazine titles such as For Rent, Harmon Homes, The Employment Guide, Boat Trader, Cycle Trader and RV Trader with a combined weekly circulation of over 5 million, and more than 40 market-leading Web sites such as ForRent.com, EmploymentGuide.com, Homes.com, and TraderOnline.com reaching more than 8 million unique monthly visitors. The company has nearly 6,600 employees nationwide and 2006 annual revenue of over $850 million. For more information on Dominion Enterprises, visit dominionenterprises.com