Gunderson Dettmer Advises Opcity in $210 Million Acquisition by News Corp
Gunderson Dettmer is acting as legal advisor to Opcity, a market leading real estate technology platform, in its $210 million acquisition by News Corp's subsidiary, Move, Inc., operator of realtor.com.
The Gunderson Dettmer team was led by Adan Muller (corporate), Andrew Luh (M&A), Katie Gardner (IP), Mark Foster (tax) and special counsel Michael Richman (executive compensation and benefits) with associates Alex Umfrid, Hilary Adams, Ariel Choi, Cindy Douthwaite, Emily Lieberman, Benjamin Gould, Vikki Nguyen and Jace Clegg.
In the official press release, Ryan O'Hara, CEO of Move, Inc. said, “Consumers and agents use realtor.com for one primary purpose – to buy or sell a home. This acquisition will help us bring buyers, sellers and agents together with as much simplicity, efficiency and choice as possible. The addition of Opcity to our portfolio will align with our strategy to enhance the experience of consumers, while providing our industry partners with more opportunities to connect with clients and grow their businesses.” O'Hara added, "Both response time and matching a consumer with the right agent results in a great consumer experience and ultimately increases the likelihood of a closed transaction. By pairing personalized outreach with cutting-edge technology, Opcity has built a best-in-class platform that delivers close rates three to five times the industry average. That’s why Opcity has been so widely embraced by real estate agents and brokers and that is why it’s a perfect fit for what we believe is the best digital real estate platform in America, realtor.com.”