Japan-based marketplace operator Lifull Co., Ltd has announced the acquisition of Thailand-based brokerage services company FazWaz, to expand its real estate businesses in Thailand and Southeast Asia and acquiring technology.
In a statement, Lifull and its wholly-owned subsidiary based in Spain Lifull Connect announced the decision for their wholly-owned subsidiary based in Thailand Dot Property Co., Ltd. to enter into a transaction agreement to acquire all shares of FazWaz Thailand Co. Ltd., a subsidiary of FazWaz Pte. Ltd based in Singapore, to make it a subsidiary of the company.
Lifull said the focal point of its current mid-term management plan ending in FY 2025/9 is the expansion of its core real estate-related businesses in Japan and abroad.
In combining the user base and client network of Dot Property and FazWaz, Lifull said Lifull Connect will continue to expand its business across Southeast Asia.
“At the same time, we will leverage the technology and industry experience of FazWaz to develop products that the LIFULL Group can utilize across the 60 countries and regions where it is active,
“We, therefore, believe that this acquisition will improve the quality of our services and strengthen the overall global competitiveness of the group,” it said.
It is noted that Lifull Connect offers primarily real estate-related services in over sixty countries under a variety of brands and attracts the largest real estate audience in the world.
These services include a mixture of portal and aggregation sites as well as other services tailored to the needs of each region.
Meanwhile, Dot Property Pte. Ltd. has operated a network of real estate portal sites in Southeast Asia since 2013 and has been active as a real estate brokerage in Thailand.
In 2020, Dot Property acquired the Thailand-based real estate portal, HipFlat, and has continued to make active investments in the expansion of its business.
FazWaz, on the other hand, was founded in 2015 by Brennan Campbell, Michael Kenner, and Paul Trayman who together own 73 percent of shares in the company.
According to Lifull, the expansion of FazWaz brokerage services across Thailand and Southeast Asia has been remarkable.
However, Dot Property and FazWaz plan to utilize their management resources to the fullest extent with both Lifull Connect and FazWaz working together to accelerate business growth in Thailand and other regions in Southeast Asia.
Therefore, FazWaz will also receive a portion of the shares of Dot Property.
“We are thrilled to welcome FazWaz to the Lifull Connect family. This strategic move is in perfect alignment with our mission of providing innovative technology solutions that empower real estate stakeholders worldwide,
“By joining forces with FazWaz and Dot Property, we look forward to driving further innovation and delivering seamless, efficient real estate services to our customers. We are excited about the endless possibilities this partnership will bring,” said Lifull Connect Chief Executive Officer Mauricio Silber.
FazWaz Co-Founder and Chief Executive Officer Michael Kenner said that this strategic partnership will enable FazWaz to bring its innovative technology solutions to more customers in Thailand and beyond, with the added benefit of leveraging Lifull Connect’s extensive experience and resources.
“We look forward to partnering with real estate agencies and developers in Thailand to offer more efficient and agile solutions,” he added.