Domain Group has bolstered its e-commerce arsenal by acquiring 50 per cent of Residential Connections, owner of utilities comparisons and connections business Compare & Connect.
The move is part of a broader strategy by the Fairfax Media-owned business to expand its portfolio beyond classified advertising. It follows Domain’s other recent investments in real estate-related services Oneflare and Beevo.
Compare & Connect develops and operates platforms that help consumers compare and obtain utility services for existing homes, or when moving.
Compare & Connect also allows estate agents to assist their clients in choosing utility products.
It powers several major Victorian real estate brands including Biggin & Scott and Stockdale & Leggo, the energy section of comparison site comparethemarket.com.au and has recently secured contracts with LJ Hooker and PRD Nationwide.
Domain Group chief executive Antony Catalano said Compare & Connect had a solid market position and was well placed to accelerate growth off the back of its recently secured contracts.
“Compare & Connect is the only independent end-to-end platform offering movers the ability to compare suppliers’ packages when they decide to connect utilities through their real estate agent,” he said.
“Given its unique product advantages, this investment enables Domain to enter into the residential utilities connection space with a superior offering, demonstrating our continued commitment to partner with the real estate industry and establish a market-leading position.”
Residental Connections chief executive Neil Saligrama said the partnership with Domain would allow the business to accelerate product and business development.
“Supported by Domain’s extensive agent and consumer audience and leveraging Domain’s sales force, we expect to accelerate market share growth and lead generation through integration of the Compare & Connect platform into Domain’s agent-facing systems and network of consumer-facing platforms,” Mr Saligrama said.
“This will help unlock revenue in new areas leveraging Domain’s transaction and lead generation capability and our products and relationships.”
Mr Catalano said Domain Group’s recent investments were consistent with the strategic