Seattle-based Zillow Group (Nasdaq: ZG, Z) said Friday it has closed its $500 million acquisition of ShowingTime, an online scheduling software company headquartered in Chicago.
With the acquisition, which was first announced in February, the proptech juggernaut is gaining roughly 250 full-time employees and 500 part-time employees, according to a Zillow spokesperson. ShowingTime will maintain its brand and stay open to new and existing customers.
"We have been impressed with ShowingTime's ability to simplify a cumbersome but critical part of the home shopping experience by integrating with MLSs, agents and brokers, and giving buyers' agents an easier way to schedule showings with listing agents," Errol Samuelson, chief industry development officer at Zillow, said in a statement when the acquisition was announced.
According to Zillow, ShowingTime will benefit Zillow Premier Agent, the company's platform for partner agents. In a release, Zillow said many of its partner agents already use ShowingTime. ShowingTime's employees will remain where they are, the spokesperson said.
ShowingTime launched in 1999. The company's scheduling technology is aimed at agents, brokers and multiple listing services (MLS). According to the company, 370 MLS agencies use its technology, representing more than 1 million real estate professionals.
Zillow's ShowingTime acquisition comes as the company continues to expand beyond its core for-sale and rental listings business. Its direct home buying and selling business Zillow Offers is now available in more than 20 markets. The company also offers mortgages through Zillow Home Loans.
With the closing of the acquisition, it seems Zillow has overcome antitrust concerns raised by lawmakers to Federal Trade Commission Chair Lina Khan. In August, Axios reported that Rep. Ken Buck (R-Colorado) and Sen. Mike Lee (R-Utah) asked Khan to scrutinize Zillow's acquisition, voicing concerns the acquisition could boost Zillow's consumer information advantage.
"We’ve been, and will continue to be, open and transparent with the FTC throughout its review process and intend to continue to cooperate fully with all appropriate procedures," the Zillow spokesperson said in a statement. "We believe a robust, competitive real estate market best serves consumers and are looking forward to ShowingTime helping improve the home touring experience for customers and partners across the industry.“
