Click here to view original web page at The Brazil Tech And Innovation Roundup – OLX Buys Grupo Zap, Sage Finds A Buyer, 4-Day Week, Women’s Day
Welcome to this week’s news round-up on the Brazilian innovation and technology ecosystem. Here are the key developments in Latin America’s largest economy during the week ending March, 6, 2020: With the acquisition of Grupo Zap, OLX wants to boost its real estate footprint New home
This week kicked off with a fairly large acquisition by Brazilian standards as online marketplace OLX announced the buyout of Grupo Zap , for BRL 2.9 billion ($626 million). With the acquisition, OLX plans to significantly boost its footprint in the real estate segment.
According to OLX Brazil chief executive Andries Oudshoorn, both companies “will lead innovation in the Brazilian real estate sector, making buying, selling and renting real estate much more convenient and efficient.”
The company noted in a statement that the online advertising industry in Brazil is currently bullish with investments totaling BRL 16.1 billion in 2018, of which 10% relates to the online classifieds business. The firm noted the platforms operated by Grupo Zap platforms received an average of 28 million monthly visits in 2019.
In an interview with FORBES last year, Grupo Zap’s chief executive Lucas Vargas talked about the company’s plans to chase a billion-dollar opportunity by introducing the instant home buyer (i-buyer) model in Brazil, as well as intentions to enhance data analytics capabilities to support the new business.
The acquisition of Zap is now subject to pending antitrust approvals, and the deal is expected to complete in the second half of 2020. If the deal goes ahead, real estate […]