Technology company iseemedia Inc. has agreed to acquire majority ownership of real estate marketing company RealBiz360, through an asset purchase and license agreement, the company announced today.
The acquisition will include RealBiz360.com, a self-serve real estate marketing portal that hosts the RealBiz360 High Definition Virtual Tour platform, including RealBiz TourBuilder and RealBiz WebCreator. The RealBiz360 High Definition Virtual Tour platform, which is powered by iseemedia’s PhotoVista TourBuilder and ImageServer 5XE, enables real estate professionals to create high quality, virtual property tours and host them online to extend market reach and drive sales leads.
Iseemedia and RealBiz360 also previously developed iseerealty, a mobile virtual tour application that will provide real estate professionals with access to property listing information, virtual tours, documents, location maps, and real estate calculators via mobile phones and handheld communications devices.
“We view the real estate industry as a strategic opportunity to further validate our core solutions, gain broader market recognition and start building our revenue base in support of our ongoing business development activities,” said Anthony DeCristofaro, President and CEO of iseemedia.
Assets to be acquired from RealBiz360 include the RealBiz360 High Definition Virtual Tour solution platform, the RealBiz360.com Web portal and RealBiz360’s intellectual property. The assets will be acquired by a subsidiary of iseemedia which will carry on business under the RealBiz360 banner (“New RealBiz360”) and will be 70 percent owned by iseemedia and 30 percent owned RealBiz360. Under the terms of the acquisition, RealBiz360 will also grant to the subsidiary an exclusive license to use its extensive database of real estate agents and brokers. Iseemedia will also issue 600,000 of its common shares to RealBiz360. Concurrently with the acquisition, iseemedia will grant a license to New RealBiz360 for real estate and wireless real estate applications in exchange for a one-time license fee and ongoing royalties.
The acquisition is expected to close in April 2006, subject to receipt of regulatory approvals and the satisfaction of other closing conditions.