RealEstate.com, an objective online resource
for real estate information and services, have announced a merger agreement
with HOMES.COM, a Silicon Valley-based real
estate Web site. As part of the merger, HOMES.COM president and CEO Robert E.
Prince will join RealEstate.com as president. Alan F. Daniels, chairman and
CEO of RealEstate.com, will continue as chairman and CEO of the merged
companies.
"HOMES.COM is the obvious partner for us," said Daniels. "Our core focuses are
highly complementary - by combining HOMES.COM's strong real estate tools for
consumers and agents with our own state-of-the-art approach to online real
estate information and services, we create a combined entity that results in a
powerful competitive differentiation."
The merger will take effect October 1, 1999. The combined companies will
operate under the RealEstate.com name and be headquartered in Atlanta. For the
foreseeable future, the two Web sites will continue to operate independently,
while sharing additional content.
Daniels also commented on the addition of Prince, president and CEO of
HOMES.COM, as president of RealEstate.com. "With Bob's expertise in operations
and online ventures, he brings strong leadership skills to RealEstate.com. He
will be an integral part of our ability to grow the company to even greater
heights."
Prince will be a significant shareholder in the newly merged company and
will serve on its board. Prince has been with HOMES.COM since its inception in
1992 and with its sister companies, Homes & Land Publishing, Ltd. and The
Printing House, Ltd., for more than 17 years, serving in a variety of
capacities, including president since 1990 and CEO since 1996. Prior to 1990,
he served as vice president of manufacturing and vice president of finance.
Published: September 13, 1999
Use of this article without permission is a violation of federal copyright laws.
