Homestore, Inc. acquires Moving.com, announces Name Change to Move, Inc.
WESTLAKE VILLAGE, Calif. – Feb. 22, 2006 – Homestore, Inc. (NASDAQ:HOMS) today announced the acquisition of Moving.com from TMP Directional Marketing, LLC. Moving.com provides consumers with offers from qualified movers, truck rental, and self-storage providers, as well as access to a sophisticated mortgage rates directory. Mirus Capital Advisors represented TMP Directional Marketing and Moving.com in the transaction.
“We are excited to introduce a new brand – Move™ – that perfectly complements our ongoing goal of serving as an essential resource for both consumers and advertisers in and around a move,” said Mike Long, Homestore’s chief executive officer. “This focus on consumer needs is the next step in our evolution; from providing software and technology to the early adopters within the online real estate category, to becoming the real estate industry’s trusted partner for efficiently reaching consumers. These changes will also enable us to extend Realtor.com’s position as the most visited real estate site on the Internet.”
Moving.com’s move-related tools, including their lender directory, will be integrated by Move to improve the consumer experience on Move.com, Realtor.com, and Welcome Wagon. Moving.com’s “Find an Apartment” functionality will be powered by Move’s new property search tool.
Mr. Long added, “These exciting new offerings are designed to ensure that Realtors, home builders, rental owners, and other move-related advertisers can easily and effectively reach a large and growing consumer audience.”
The Company expects to launch Move and other new product offerings during the second quarter of 2006. Upon full launch of the new Move.com web site, the Company’s NASDAQ stock symbol will change from “HOMS” to “MOVE.” The Company will solicit shareholder approval of the new Move, Inc. name at its annual meeting in June 2006.
About Homestore, Inc.
Homestore, Inc. offers a wide variety of information and decision support tools for consumers looking for home and real estate-related information on the Internet. The Company operates the No. 1 network of real estate sites, including Realtor.com, the official Web site of the National Association of Realtors and HomeBuilder.com™, the official new homes site of the National Association of Home Builders. RENTNET®, SeniorHousingNet™, FactoryBuiltHousing.com, and Homestore.com® are part of the Homestore Network as well. Homestore is also a leading supplier of media and technology solutions for real estate professionals, local and national advertisers, and providers of home and real estate-related products and services. Homestore’s other businesses include Homestore® Plans and Publications, Welcome Wagon®, and TOP PRODUCER® Systems. On the Net: http://ir.homestore.com.
About TMP Directional Marketing, LLC
TMP Directional Marketing, LLC (TMPDM) is the world’s largest local-search agency, based on total yearly revenue. Founded in 1967 as a print Yellow Pages firm, it now specializes in offline-, online- and mobile-search solutions for national brands looking to acquire customers in local markets. TMPDM is owned by Audax Management, a private equity firm.
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.Back to Transactions