Newspaper publisher and media company the Daily Mail and General Trust (DMGT) is selling off its US real estate data and software business EDR to investment firms Silver Lake and Battery Ventures for $205m.
At the end of last year, DMGT shut down its other US real estate data intelligence firm Xceligent, following a multimillion-dollar lawsuit with rival CoStar. DMGT then announced that it was in the process of selling Shelton, CT-based EDR, which provides a range of data and workflow tools relating to the property market, and includes an Insight team offering MR and guidance on the drivers of property risk. Paul Zwillenberg, CEO of DMGT, said the sale is part of plans to 'increase portfolio focus and enhance financial flexibility'.
Commenting on the deal, Battery Ventures General Partner Scott Tobin said: 'We believe that our investment will enable EDR to accelerate growth - including in the state-of-the-art Collateral360 SaaS platform - and extend its reputation as a leader in real estate data and software with a developing range of products and services'.
EDR, which is led by CEO Chris Aronson (pictured), is online at: www.edrnet.com .
All articles 2006-19 written and edited by Mel Crowther and/or Nick Thomas.