Online auction website Trade Me has inked an agreement to buy New Zealand-based motor vehicle information company MotorWeb for NZ$19.5m.
The deal, which is cash funded, is conditional but expected to be completed later this month, TradeMe announced this morning.
MotorWeb, founded in 1997, is an online business that packages and sells vehicle information and reports to finance companies, insurers, car dealers and the public. It offers a suite of more than a dozen products and services.
MotorWeb operates in both New Zealand and Australia.
“The MotorWeb business has a lot of potential to complement our existing Trade Me Motors business, and will give us the chance to broaden and deepen the products and data we provide in relation to motor vehicles," Trade Me CEO Jon Macdonald said.
MotorWeb staff would move across to join the Trade Me Motors team early next year.
MotorWeb managing director Chris Knight said both Trade Me and MotorWeb understand the power of providing people with accurate data to empower their purchasing decisions.
Last September, MotorWeb added a new feature allowing traders to list vehicles on Trade Me directly, removing the need for significant ammounts of data entry.