Founders Buy back globrix.com
December 1, 2009 by Alice Allan
The founders of UK property search engine globrix.com have bought back News International’s 50 percent stake in the business for an undisclosed sum.
The move comes after globrix.com launched an Irish version of the website, globrix.ie, in September this year.
According to the globrix.com blog, founders Dan Lee and Ian Parry now own 100 percent of the business.
“We are delighted we have had the opportunity to buy News International’s stake in the business,” Lee said. “This move means they can focus on their core activities and that we can continue to progress globrix.com as a technology business and a growing UK property portal.”
“We are grateful for the support of News International over the past few years and look forward to continuing to work with them to power the sunonline and timesonline property sections.”
- globrix.com Joins TDPG
homesandproperty.co.uk may have left The Digital Property Group’s network, but there is already something to take its place: UK property search engine globrix.com. Associated Northcliffe Digital (AND), the digital consumer division of Daily Mail and General Trust, has acquired 50 percent of globrix.com. This acquisition comes after globrix.com’s founders bought back News International’s 50 percent stake in the business in December 2009. The terms of the deal with AND were not disclosed....
- The Times Online Dumps Propertyfinder.com in Favour of Globrix
Last week, in a surprise and rather strange decision, News International in the UK dumped its 79% owned propertyfinder.com as search providers on timesonline.co.uk for the 50% owned globrix.com. Read on for more about this decision ... ...
- globrix.ie Launches in Ireland
After months of planning, Ireland's newest property search engine, globrix.ie, has launched. ...
- globrix.com Expands Into Ireland
News International backed UK property search engine globrix.com is expanding into Ireland through a strategic partnership with Independent News & Media....
- globrix.com Grabs All Large UK Agency Chains
globrix.com have announced that Halifax, one of the largest estate agency groups in the UK, are now marketing all of their properties on the UK property search engine. The deal is really significant as it now means that all of the larger UK estate agency chains are marketing their properties on globrix.com. ...
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Wow… I didn’t think that Murdoch would lose interest that quickly. Good luck to Globrix I hope they have the cash to hang in there as I really like their website.
I think the reality is that PR puff only goes so far. Whilst the site is undoubtably good and has good stock levels – the only way to compete for the public attention is to invest cash into the brand.
Difficult to see how this will happen NOW.
Most probably outcome is that Zoopla will gobble up Globrix for the traffic on the cheap. FREE or PPL sites just can’t fund the requirement to spend big on Marketing.
Fantastic news for RM and TDPG.
Zoopla will survive – but has a clear EXIT in mind. Obvious route being a large amercian firm – who don’t understand the wierd dynamics of the UK property market that well
INTERESTING TIMES
globrix will be hunted hard
Dan and Ian are in for a golden bonanza
Unlike other Property Portals that have been snapped up for over last 12 -18 months for relatively small sums.
Globrix does really have the cutting edge technology; that when bolted onto the augmented reality platform ;it really becomes apparent for the potential it holds within the hand held PDA mobile advertising market…..
I can see interest from Layar and other AR developerss and rightmove and other outsiders.. and vc’s srabbling to get their hand on the Real jewl in the UK Prop Portal
Raj
Raj , I completely agree. I think that some of the comment is missing the point here and assuming that the MBO is negative news whereas I see that the combination of property portal and technology platform could ultimately mean that Globrix is the best proposition in the market outside of RM. The founders are both from a software background and are now backed by Investec Bank who I am sure have some very interesting plans for the business. I would bet that it is more likely that Globrix will be buying back a bankrupt Zoopla with VC’s desperate for an exit rather than the other way around. I will be watching with interest.