ASX-listed online tradie marketplace and Software-as-a-Service (Saas) provider hipages (ASX: HPG) has acquired a New Zealand-based competitor for $11.8 million today, making it the trans-Tasman market leader.
The 100 per cent acquisition of Builderscrack gives hipages access to a total addressable market worth NZ$26 billion (AUD$24 billion), more than 95,000 jobs per annum, 4,000 active tradies and 200,000 registered homeowners.
Co-founded in 2007 by general manager Jeremy Wyn-Harris, Mark Disckon and Keith Roberts, Builderscrack has grown to be NZ’s leading online tradie marketplace, having facilitated more than NZ$250 million (AUD$237 million) since its foundation.
hipages CEO and co-founder Roby Sharon-Zipser said the acquisition makes the Sydney-based company “the clear trans-Tasman market leader”.
“Jeremy and the Builderscrack team have built a great business around a strong technology platform and an incredibly loyal tradie base,” Sharon-Zipser said.
“We will supercharge their growth by leveraging the strategic and operational experience we gained from scaling our business in Australia, as well as helping them to grow their brand to capture the huge market opportunity in New Zealand.”
Wyn-Harris said hipages was a natural partner for Builderscrack, enabling the NZ team to take the business to the next level.
“We look forward to learning from them and sharing ideas, as well as rolling out new products and services to add value for our tradie customers,” Wyn-Harris said.
Shares in HPG are up 1.93 per cent to $3.70 per share at 11.21am AEDT.
Get our daily business news
Sign up to our free email news updates.