Shareholders of Market Leader today overwhelmingly approved Trulia’s $355 million acquisition of the company. The deal, which was first announced in May, is designed to supercharge Trulia’s business as it looks to bolster competition against Zillow.
Kirkland-based Market Leader, which develops online marketing tools for real estate agents, saw its revenues increase from $11 million to $13.6 million in the previous quarter. The company also posted a net loss of $2.7 million for the quarter.
Trulia CFO Sean Aggarwal spoke of the importance of the Market Leader transaction at length in the Trulia earnings call last month.
“It is very clear that one plus one will equal three here,” said Aggarwal.
Shares of Trulia have been surging lately, up another five percent today. The company, which boasts a market value of $1.5 billion, has seen its stock increase 183 percent this year. Zillow also is soaring, up another three percent today, trading above $90 per share. It has a market value of $3.2 billion.