Homestore.com Inc. Moves In on WyldFyre Technologies
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Online real estate firm Homestore.com Inc. Wednesday acquired WyldFyre Technologies, Inc., a developer of technology solutions for real estate professionals, in a stock deal worth $14.8 million.
Homestore.com (HOMS) will exchange approximately 589,000 shares for all outstanding WyldFyre equity.
The purchase is part of Homestore.com's plan to fully automate the real estate transaction process with Internet-based solutions and emerging wireless technologies, according to Stuart Wolff, chairman and chief executive officer.
"The ability to conduct real estate transactions via the Internet offers enormous potential for the industry and this is only one of many steps that we are taking to make online transactions a reality," said Wolff. "Through the WyldFyre suite of products, we are giving real estate agents the ability to leverage the power of the Internet to quickly, easily and efficiently increase productivity and earning power."