Industry NewsTechnology

Zaio selling assets of U.S. subsidiary

Canadian parent keeping property records

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Zaio Corp., a Canadian-based company that's built a database of photos, valuations and property information through a network of local appraisers and photographers, has closed down its U.S. subsidiary, Zaio Inc.All of Scottsdale, Ariz.-based Zaio Inc.'s employees have received notices of termination and the parent company will sell off its assets, Zaio Corp. said Thursday.Calgary-based Zaio Corp. said it retains ownership of a database of 24 million photos and 140 million property records, and plans to maintain its current relationships with appraisal firms and zone owners in order to "redeploy its rollout strategy at a more favorable time in the economic cycle."Zaio's strategy has been to segment cities and counties into zones, selling the right to operate the zones to appraisers -- a "highly scalable" model Zaio was preparing to roll out nationwide in the U.S.In July, Zaio announced that it had sold 1,773 "zones" since the company's inception, and had co...