Online real estate portal
) recently announced the acquisition of TigerLead Solutions, LLC
for $22 million.
TigerLead Solutions provides a comprehensive online solution for
generating and managing homebuyer and home seller leads.
Management expects the acquisition of TigerLead to broaden
Move's lead generation product tool and thereby empower Move to
deliver a complete suite of end-to-end solutions. These solutions
will enable real estate professionals connect with consumers and
grow their businesses.
TigerLead has added to the already impressive product portfolio
of Move, which already include REALTOR.com, ListHub, and Top
Producer CRM. TigerLead will complement the leads generated by
In a separate development, Move increased its guidance for the
third quarter and full year 2012. Move now expects revenues to come
between $49 million and $49.5 million, up from the previous
guidance of $48.5 million - $49 million. Adjusted EBITDA margin is
projected at 14%, same as the previous outlook.
For full year 2012, management increased its revenue guidance to
$197 million - $199 million, from the earlier estimate of $195
million - $197 million. Adjusted EBITDA margin is projected at 14%,
same as the previous outlook.
Last month, Move reported results for the second quarter of
2012. Revenues in the second quarter of 2012 came in at $49.3
million, almost flat on a year-over-year basis.
Net income came in at 4 cents per share, beating the Zacks
Consensus Estimate by a penny.
The weak economic environment continues to affect MOVE, which
provides a wide range of real estate services through a family of
websites. Nevertheless, management believes that a positive sign
for its business and the industry as a whole is that even while the
number of homes for sale has declined over the past several years,
consumer engagement continues to increase.
We continue to maintain a Neutral recommendation on Move. Our
recommendation is supported by a Zacks #3 Rank, which translates
into a short-term rating of Hold.
MOVE INC (MOVE): Free Stock Analysis Report
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