Cian PLC (“Cian” or the “Company”), a leading online real estate classifieds platform in Russia, announced that it has entered into an agreement for the acquisition of SmartDeal.
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A subsidiary of Cian, iRealtor LLC, recently entered into a binding preliminary agreement for acquisition of 100% in SmartDeal (Praktika Uspekha LLC), a company which provides e-registration and adjacent services for various types of property deals. Completion of the acquisition is subject to customary closing conditions and among other things, regulatory clearance by the Government Commission on Monitoring Foreign Investment.
SmartDeal was founded in 2017 and is one of the leading players in the property deals e-registration market in Russia providing services to diverse categories of customers including banks, real estate developers and agents. Cian and SmartDeal have established a partnership earlier in 2021 while developing Cian.Transaction, an online transaction service launched by Cian in October 2021.
The acquisition of SmartDeal is expected to support Cian’s strategy to expand its End-to-End value proposition for both customers and consumers, allow Cian to further strengthen its online transaction product as well as enrich Cian’s B2B suite of services resulting in an overall enhancement of the product offering.
“We have partnered with SmartDeal last year to build an online transaction service that was successfully launched in the end of 2021. We are glad that we have reached an agreement with the founders of SmartDeal to acquire the company and ultimately make it part of the Cian Group and Cian family. The e-registration market for real estate transactions has grown significantly during the last couple of years driven among other things by the pandemic-related shift to online, and we expect that it will continue to digitalize further. Moreover, we believe that SmartDeal has an impressive product that offers convenient e-registration solutions to a broad range of customers, for example it has such unique features as asynchronous agreement signing or remote transaction registration that doesn’t require physical presence in the state registration office or a bank branch.
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We expect that the penetration of e-registration in real estate transactions will continue to grow, and that the SmartDeal platform will continue to expand and develop further. We continue to see the development of the end-to-end platform and shift into transactions as one of the key pillars of our strategy. This acquisition will no doubt contribute to the expansion of our technological platform, constitute a strong addition to Cian’s product portfolio and support our strategy.” – said Maxim Melnikov, Chief Executive Officer of Cian.
“Over the last 4 years we were able to achieve a leading position on the market and establish ourselves as a reliable supplier of the real estate transaction e-registration platform for the primary market and largest mortgage banks in Russia. At the same time, looking at the market dynamics it is fair to say that today, the secondary real estate market is digitalizing even more dynamically that the primary real estate market and we are keen to conquer it as well.
Our position will be significantly reinforced by joining forces with such a strategic partner as Cian. We started our partnership with Cian in 2021 and in less than 6 months launched an innovative Cian.Transaction service from scratch. I believe, that combining the Cian team and audience with our technological platform is indeed the case when 1 + 1 = 3” – said Alexey Makarov, CEO and co-founder of SmartDeal.
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