DuProprio acquired by Pages Jaunes for $ 50 million
Montreal-based Yellow Pages Inc. bought popular digital real estate marketing network DuProprio for $ 50 million.
The publisher of telephone and advertising directories indicates that the agreement should enter into force on July 1.
DuProprio – known in English as ComFree – is the most visited real estate site in Quebec, with a 17% share of the province’s listing market, and the fourth most visited real estate site in Canada.
Yellow Pages President and CEO Julien Billot said ComFree / DuProprio will complement its other businesses, including Canada411.ca, RedFlagDeals.com, Bookenda.com and YP NextHome.
The acquisition will provide Yellow Pages “access to exclusive listings and platforms necessary to transact directly with Canadians,” Billot said in a press release Tuesday.
“We are working to accelerate the digital transformation of Yellow Pages by creating marketplaces that help Canadians discover their surroundings and conduct transactions in their neighborhood,” said Billot.
DuProprio’s revenue topped $ 40 million in 2014, with sales up 20% in the past three years.
The abandonment of telephone directories by the Yellow Pages
This latest Yellow Pages purchase takes a step further away from the traditional print media on which the company has made a name for itself.
“The Yellow Pages were one of the most consistent dividend payers for Canadian investors,” said CBC Montreal business columnist David Blair. “It all ended under the weight of the digital revolution.
Nineteen months ago, Yellow Pages cut 300 jobs in its printing division, or about 10 percent of its overall workforce.
“This agreement is expected to expand the reach of the Yellow Pages in digital media,” said Blair. “This marks a major shift in the real estate market as people increasingly use the Internet to obtain information on buying and selling their homes.”