HomeAway has acquired a majority stake of 63% Travelmob, a Singapore-based startup. This acquisition allowed the vacation rental site to enter the Asia-Pacific region and compete directly with Airbnb. Other details of the all-cash deal were undisclosed.
The 16-man team of Travelmob will continue to operate as an independent brand outside of Singapore. In addition, HomeAway will put in US$2 million in Travelmob. This will be used for growing the company's presence in the Asia-Pacific. The company eyed an estimated 100 million soon-to-be middle class in Asia.
"Asia will have an increasing influence over the world's economic growth. We believe this will have significant implications for not only travel but also for the purchase of homes, both of which drive HomeAway's growth," said Brian Sharples, HomeAway's CEO.
This acquisition cemented this relationship between these two companies who first became partners last March. In this initial partnership, HomeAway cross-listed Travelmob's 14,000 rentals in Asia.
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