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Online real estate company Rightmove (LON:RMV) has announced the purchase of Van Mildert, a provider of client referencing and rent guarantee products, for an initial cash consideration of £16 million. Management said that the purchase will supplement Rightmove Tenant Passport proposition and help the firm expand in the under-served rental marketplace.
CEO Peter Brooks-Johnson commented: “We’re looking forward to welcoming Van Mildert, a highly respected tenant referencing company, to the Rightmove family.
“We believe the combination of Rightmove’s unrivalled reach and Van Mildert’s products and operational experience will augment the Rightmove Tenant Passport, helping in our quest to make renting a property faster, easier and more efficient for tenants, landlords, and agents alike“.
Rightmove shares climbed by 2.27% to 523.20p (as of 15:35 BST).