Investment and property management software company Yardi Systems has bought out real estate data Web site PropertyShark.com, the company announced Thursday.
Manahattan-based PropertyShark aggregates real estate data and listings covering about 20 major markets, including New York City, Miami, the San Francisco Bay Area, Los Angeles and Seattle.
"PropertyShark’s aggregation of real estate data from hundreds of sources into a single property research Web site has changed the way real estate investors, professionals, and consumers educate themselves and make decisions about property in hubs like New York and Los Angeles," said Gordon Morrell, Yardi’s executive vice president and chief operating officer, in a statement.
"Yardi acquired PropertyShark to expand the service nationally, strengthen our suite of products, and provide our clients with fully integrated access to detailed property information."
Morrell later said it was too soon to answer questions about how the services of the two companies will be integrated or if PropertyShark data will be somehow available on Yardi’s management software.
The acquisition will not affect PropertyShark’s data partnerships with other real estate companies, and all PropertyShark employees will continue in their current roles, Morrell said.
Real estate investor and programmer Matthew Haines founded PropertyShark in December 2002 in Harlem.
"To see the concept taken from one neighborhood in New York City into the hands of one of the largest and most successful real estate software companies is a victory for everyone involved in buying, managing, and selling real estate based on transparent and comprehensive research," Haines said in a statement.
PropertyShark referred requests for further comment to Yardi.
Yardi is based in Goleta, Calif. Anant Yardi, the company’s president, founded the company in 1984. The company’s first customer was local real estate agency Sabaco Realtors. Since then, the company’s customer base has grown to more than 20,000 businesses in the U.S., Canada, Europe, Asia and Australia, according to the company’s Web site.
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