SAN FRANCISCO, CA /PRNewswire-FirstCall/ -- LoopNet, Inc. (NASDAQ: LOOP), which operates the largest online commercial real estate marketplace and one of the largest commercial property research databases, has announced the acquisition of LandsofAmerica, the operator of the largest and most heavily trafficked online marketplace specializing in land for sale at LandsofAmerica.com.LandsofAmerica, available at http://www.landsofamerica.com/, is based in Austin, Texas. The entire management team, including its founders Allen Shannon and Jake Massengale, will remain with LoopNet to manage and grow the business.
"We are very excited about the opportunity to incorporate the LandsofAmerica team and service offerings into the LoopNet suite of marketplace solutions. "With this acquisition, LoopNet is significantly expanding its leadership position within the land sector, which includes commercial land, agricultural and farm land, ranch land, hunting land and rural land," said Thomas Byrne, (top right photo) LoopNet President and Chief Operating Officer. "We consider it both a pleasure and a privilege to join the LoopNet team and look forward to working together to grow our marketplace leadership position within the land sector," said Jake Massengale, Founder and CEO of LandsofAmerica.
Terms of the transaction were not disclosed. LoopNet does not currently expect the acquisition to have a material impact on its 2010 financial results.
For a complete copy of the company's release, please contact:
Cary Brazeman, +1-310-205-3590, pr@LoopNet.com, for LoopNet, Inc.
Web Site: http://www.loopnet.com/
http://www.landsofamerica.com/
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