What is going with CIAN?
Cian PLC (CIAN) stock is lower today after the real estate platform, which connects buyers and sellers in the Russian real estate market, announced that it has entered into an agreement for the acquisition of SmartDeal.
Founded in 2017, SmartDeal is one of the leaders in the property deals e-registration market in Russia.
It provides services to a number of different customers such as banks, real estate developers, and agents.
Shares of CIAN declined 6.48% to $6.49 as of Monday at 10:36am.
What does this mean for Cian PLC?
Cian's acquisition of SmartDeal will build on the two companies previous partnership, which was established early in 2021.
Sine that time, Cian and SmartDeal have developed Cian.Transaction, an online transaction service launched by Cian in October 2021.
Overall, the acquisition will benefit Cian by allowing e-registration solutions to a broad range of customers, such as asynchronous agreement signing or remote transaction registration that doesn’t require a physical presence in the state registration office or a bank branch.
Maxim Melnikov, CEO of Cian, commented, "The e-registration market for real estate transactions has grown significantly during the last couple of years driven among other things by the pandemic-related shift to online, and we expect that it will continue to digitalize further."
"We expect that the penetration of e-registration in real estate transactions will continue to grow, and that the SmartDeal platform will continue to expand and develop further."
Completion of the acquisition is subject to regulatory clearance by Russia's Government Commission on Monitoring Foreign Investment.
CIAN has a Fundamental Rank of 98. Find out what this means to you and get the rest of the rankings on CIAN!
Cian PLC is an online real estate classifieds platform in the Russian market. Its networked real estate platform connects users, real estate buyers and renters, to real estate listings of all types - residential and commercial, primary and secondary, urban and suburban, for both sale and rent.
