Why Move suddenly became a $1 billion company

Commentary: Real estate tech is still in its infancy

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It’s been a scant three months since Zillow and Trulia announced their pending nuptials, which will bring together the No. 1 and No. 2 players in online home search. Now No. 3 -- operator Move Inc. -- is about to become part of News Corp, with a nearly $1 billion price tag that represents a 35 percent premium over what the company's shares had been trading at. It wasn't that long ago that Steve Berkowitz mused in Amir Efrati’s piece in The Wall Street Journal that he "liked" being the underdog. My guess is Sir Rupert doesn’t like being the underdog. What’s interesting about this move is that smart money is so eager to get in on the real estate technology game that even the beleaguered "underdog" gets to be a billion-dollar company. News Corp is making a big bet that Move was undervalued by the market, despite's widening gap behind "Zulia" in search market share. If we look only at search market share, we miss the big picture here: In the stor...