Zillow (Z) Completes Cash, Stock Acquisition of Mortech

November 30, 2012 4:19 PM EST
Zillow (NASDAQ: Z) has completed the acquisition of Mortech, Inc. for approximately $12 million in cash and 150,000 shares of restricted stock. The planned acquisition was announced earlier this month.

Mortech™ accelerates the development of Zillow® Mortgage Marketplace, Zillow's lending marketplace where borrowers can connect instantly with reputable lenders to get personalized loan options and real-time mortgage rates. Now Zillow will deliver valuable marketing and productivity solutions to mortgage professionals to help them manage their business and convert more borrower contacts to funded loans.Currently on Zillow Mortgage Marketplace, borrowers submit more than 1 million loan requests per month and receive on average 25 customized quotes, which they can compare alongside more than 23,000 lender reviews.

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