Zillow Will Buy Mortech for $12 Million
Zillow Inc. this week agreed to purchase Mortech Inc., Lincoln, Neb., for $12 million in cash and stock in an effort to expand the capabilities of its Zillow Mortgage Marketplace unit which focuses on consumer rate and product shopping.
Mortech’s products include a product and pricing engine; a lead management platform and marketing tools to keep lenders' brand and rate quotes in front of borrowers throughout the mortgage shopping process.
In a press statement, Zillow CEO Spencer Rascoff said the company is focusing on a strategy of “building home-related marketplaces.”
The company said Zillow Mortgage Marketplace “innovated on behalf of consumers by creating a transparent marketplace where the borrowers' needs come first.”
It then connected borrowers with lenders, “and now we are investing in tools to help lenders be even more successful serving consumers,” the firm added.
At deadline, Seattle-based Zillow could not be reached for further comment on the deal.