Domain Group investment in Oneflare

6 May 2016: 

 

Fairfax Media Limited [ASX:FXJ] today announced that Domain Group has acquired a 35% interest in Oneflare Pty Ltd for around $15 million. Oneflare is an online digital marketplace focused on connecting consumers with local trade service providers. 

Oneflare was founded in 2011. It receives 1.3 million visitors a month across its sites and has more than 80,000 registered businesses across 150 service categories. Home improvement and trade services are a key growth area for the business. 

Fairfax Media Chief Executive Officer, Greg Hywood, said: “We continue to see significant opportunities to invest in Domain Group as it expands into adjacent markets. Local trade services represent a substantial market and Oneflare is very well positioned to take advantage of the growth in this rapidly-emerging digital marketplace. 

“For Domain, this investment allows Fairfax to broaden its consumer and agent offering across the property lifecycle, expanding beyond property advertising into the home improvement and trade services categories.”