Industry News

HouseValues files its IPO

Online real estate company to raise $86 million

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Bellevue, Wash.-based online real estate company HouseValues has filed papers with the Securities Exchange Commission for an initial public offering. According to the SEC documents filed today, HouseValues plans to raise $86.25 million in its initial public offering. The company generated revenues of $25.1 million in 2003 and $20.5 million for the six months ended June 30, 2004. HouseValues provides online marketing services to real estate agents and has been growing steadily since its inception five years ago. The company has been profitable, with positive cash flow since the second quarter of 2001. In May of this year, HouseValues raised $14.5 million in investment funding from William Blair Capital Partners. In May, HouseValues CEO Ian Morris said HouseValues' map for success encompasses four key parts: the fact that every home buyer or seller request goes to only one agent; the company's prospecting management tools that help agents automatically cultivate relationships wit...