Even after you beat 'em you can still join 'em. LoopNet (NASDAQ:LOOP), the leading online marketplace for commercial real estate, is acquiring the distant silver medalist in its niche. CityFeet.com has 100,000 listings on its site, a fifth as many as the 518,000 properties being offered through LoopNet.

CityFeet also operates The CityFeet Network, though. By broadcasting its listings through more than 100 online partners, it is the largest online distribution network. Although LoopNet has been able to secure third-party distributors for its listings -- it teams up with Dow Jones (NYSE:DJ) to showcase its listings through Wall Street Journal's real estate website --  CityFeet has deals with major newspapers like New York Times' (NYSE:NYT) namesake publication as well as others such as Boston Globe and Los Angeles Times.

It's a cheap deal. At just $15 million, with another $3 million tied to future performance incentives, it's not going to break the bank at LoopNet. LoopNet isn't divulging the financial performance at CityFeet, but it did claim that the company is profitable and that it will contribute approximately $1 million to LoopNet's top line for the balance of the year.

OK. We can work with that. Given the revenue contribution over the next five months, it's safe to say that CityFeet will generate roughly $2 million in revenues for the full year. So LoopNet is paying a little more than 7 times revenue for its acquisition. With LoopNet's $833 million market cap and expectations of roughly $68 million in revenue this year, LoopNet is trading at 12 times its top line. Back out the company's $105 million in cash and the multiple is just shy of 11.

LoopNet believes that it can get CityFeet's EBITDA (earnings before interest, taxes, depreciation and amortization) margins in line with its own, so the deal should eventually be accretive after the near-term, $0.02-per-share acquisition-related hit. Even if that doesn't happen, there is the greater potential here of cross-selling. LoopNet listings can pay up to be promoted through The CityFeet Network and vice-versa.

It's the first acquisition in LoopNet's tenure as a public company. That tenure has been a good one. The company has beaten analyst estimates in all five quarters as a public company. As a result, the stock has soared 70% since going public at $12 a share last summer.

With that kind of heady growth, maybe LoopNet is the one running with city feet.

Stroll through other Foolish LoopNet properties:

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Longtime Fool contributor Rick Munarriz has never dabbled in commercial real estate outside of the Monopoly board, though he wants you to know that he can hand you Boardwalk and Park Place at the beginning of the game and still beat you. He does not own shares in any of the companies in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.