In an acquisition that went largely under the radar, a Spanish online classifieds company Mitula Group acquired the Singapore-based digital media company DotProperty for AU$11 million (US$8.3 million) in a combination of cash and shares.

The deal was announced on September 5 but the news was only recently reported on various property blogs.

Mitula Group, which is listed on the Australian Securities Exchange (ASX) and headquartered in Madrid, Spain, is acquiring DotProperty to enhance its business model in Southeast Asia — specifically, Mitula Group wants to improve its stake in ‘Tier-2 Southeast Asian markets’.

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The term ‘Tier’ means markets Mitula Group has identified internally as having high visitation statistics but a low monetisation rate. So the idea with the acquisition is for Mitula Group to leverage the property portals’ revenue stream to boost its ‘Tier 2’ revenue stream.

For example, in Q3 2016, Mitula Group generated 123 million site visits in Southeast Asia, but only generated US$0.023 per visit. DotProperty generated US$0.22 per visit on its platforms.

“The acquisition immediately provides us with property portals in select Tier 2 markets and a channel by which we can enhance the monetisation of our Southeast Asian visitors,” said Mitula Group CEO Gonzalo del Pozo in an official statement.

DotProperty operates ten portals in nine Southeast Asian countries — Thailand (in English and Thai), the Philippines, Vietnam, Indonesia, Cambodia, Laos, Myanmar, Singapore, and Malaysia.

The company’s CEO, Ben Neve, will join Mitula Group in a new role of ‘General Manager of SE Asian Property Portal Operations’.

“Joining the Mitula Group will help rapidly accelerate our growth.  Our portals will have better access the Mitula Group sites and this will help us to provide real estate agents and developers with high quality leads,” said Neve in a statement.

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In the 12-months from June 2015 to June 2016 DotProperty generated AU$1.7 million (US$1.28 million) in revenue and grew by 123 per cent.

Mitula Group listed on the ASX in July 2015 and was trading at AU$1.08 (US$0.81) per share as of publishing.

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