Property website Rightmove has acquired Van Mildert, which provides tenant referencing services and rent guarantee insurance products.
The 拢16 million deal was revealed as Rightmove also announced 10 per cent growth in both revenue and profits.
Revenues hit 拢143.9m while operating profits were 拢108.2m for the six months ended 30th June.
Rightmove said Van Mildert has a 鈥榮trong brand and is well positioned within the rental marketplace鈥�.
Its founder Christian Balshan will continue to lead the team from its Newcastle office.
鈥淲e believe the combination of Rightmove鈥檚 unrivalled reach and Van Mildert鈥檚 products and operational experience will augment the Rightmove Tenant Passport, helping in our quest to make renting a property faster, easier and more efficient for tenants, landlords, and agents alike,鈥� said Peter Brooks-Johnson, CEO of Rightmove.
Van Mildert generated revenues of 拢3.6m and profit before taxation of 拢1.4m for the year ended 30th November 2018, both up 19 per cent on the previous year.
Rightmove said it anticipates FCA approval for the deal by the end of October.
Rightmove聽recently announced that its chairman of 14 years Scott Forbes聽is to stand down next year following a shareholder revolt.