ALMA MEDIA CORP. PRESS RELEASE 27 OCTOBER 2006 at 9.15 am
Alma Media strengthens Etuovi.com's position in the home letting market
Alma Media's Marketplaces is acquiring the share stock of Kiinteistöalan Tietopalvelut R.E.I. Oy. The company supplies customer management systems for the home rental market to property owners, managers and developers. The systems will enable Etuovi.com to expand the business of its rental home segment.
About a quarter of Etuovi.com's business consists of a service of supplying mainly customers who sell privately owned homes with website solutions and business systems. The company now being purchased operates in the same field, but focuses on companies in the rental home market.
The customers of the company are some of the largest owners, letting agencies and developers of residential property in Finland, who manage more than 100,000 apartments and residential properties. The systems simplify and raise efficiency in the letting of these homes.
"There is room for growth in the home letting market, since the supply of homes for rent is growing," states Senior Vice President Raimo Mäkilä, Head of Alma Media's Marketplaces. "Etuovi.com is Finland's leading home market place, and its rental home segment will make rapid advances through the knowhow of the company we are purchasing."
Kiinteistöalan Tietopalvelut R.E.I. Oy has net sales of some EUR 0.4 million.
The shares now being purchased account for 90 % of the share stock.
Raimo Mäkilä, Senior Vice President, Alma Media Marketplaces, tel. +358 (0)40 546 1892