In an April 8 story about LoopNet Inc., The Associated Press misstated the name of the company Loopnet purchased. It is REApplications, not REA Applications.
A corrected version of the story appears below:
SAN FRANCISCO (AP) _ LoopNet Inc. bought REApplications Inc., which runs a commercial real estate Web site, for $9.4 million, the company said Tuesday.
Founded in 1999 and headquartered in San Diego, REApplications runs a Web platform allowing clients in the commercial real estate market to manage market research, follow property inventory and listings, keep track of commissions and projects, and run customer relations.
The site has thousands of licensed users, including such major commercial property firms as Grubb & Ellis, Cushman & Wakefield, and Coldwell Banker Commercial.
LoopNet expects REApplications to contribute $2.3 million in revenue for the remainder of this year. Analysts polled by Thomson Financial forecast revenue of $85 million for the year.
Although REApplications has been "consistently profitable," the purchase will squeeze LoopNet's profit by 2 cents per share because of costs to close the deal.
LoopNet shares finished unchanged at $13.29.
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