Zoopla Property Group (ZPG) is to acquire Hometrack.

Established in 1999, Hometrack is the UK’s largest automated valuation model (AVM) provider and one of the main AVM providers in Australia, generating over 20 million automated property valuations per annum.

Hometrack provides residential property market insights, analytics, valuations and data services to over 400 partners including mortgage lenders, new home developers, investors, housing associations and local authorities.

Hometrack currently partners with 15 of the top 20 mortgage lenders in the UK as well as all four leading Australian mortgage lenders and its UK AVM is recognised by all the major ratings agencies.

The business, which generated revenues of £15.5 million and adjusted EBITDA of £7.1 million in the year to 30 June 2016, has 55 staff operating out of offices in London and Sydney.

Following completion, Hometrack will continue to operate as a standalone brand and platform with the team forming the cornerstone of ZPG’s data services business, which will be headed up by Charlie Bryant, CEO of Hometrack.

Alex Chesterman, founder and CEO of ZPG, said: “We are delighted to announce the acquisition of Hometrack, the clear market leader in AVM services in the UK. The deal gives us unrivalled capabilities to serve our estate agent and developer partners even more effectively with market-leading valuation tools and data intelligence to help them win more business. Hometrack is a perfect fit for us and I forward to welcoming Charlie and his team to the ZPG family.”

Bryant added: “We have had a long-standing relationship with ZPG and share the same vision of using data to help our partners operate more effectively. My team and I are very much looking forward to helping develop ZPG’s data services business, further growing the quality and breadth of the services to our partners and cementing ZPG as the market leader for residential property market insights and analytics.”