LoopNet Inc., which operates the largest commercial real estate marketplace online, on Thursday announced it acquired privately held Cityfeet.com for an aggregate cash consideration of $15 million, with an additional potential future consideration of $3 million cash if certain performance targets are met.

Cityfeet operates an online distribution network for commercial property listings that are sent to more than 100 partners, including the Web sites of the New York Times, Boston Globe, Los Angeles Times, Chicago Tribune, Dallas Morning News and Atlanta Journal-Constitution.

“The combination of LoopNet and Cityfeet.com will bring great benefits to both LoopNet and Cityfeet customers,” Richard Boyle, LoopNet’s CEO and president, said in a statement. “By bringing together the largest online marketplace and the largest distribution network, we will be providing unmatched exposure opportunities for both LoopNet and Cityfeet commercial property listings.”

LoopNet expects that Cityfeet will add approximately $1 million in revenues to LoopNet for the remainder of 2007. While Cityfeet has been consistently profitable as a standalone business, LoopNet expects the transaction to have no significant impact on 2007 EBITDA, and to be dilutive to 2007 EPS in the range of approximately ($.02) per diluted share due to various acquisition related expenses. Impact on the company’s financials beyond 2007 will be incorporated in the guidance given for 2008.

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription