2018-11-26
Direct investment led by General Atlantic led a $ 120 million investment and acquired a minority stake in PropertyFinder Properties Middle East.
 
"The amount will be invested in products and technology," Chief Executive Officer Vinder told Reuters.
 
"We want to continue to provide the best products and data available to the public," said Michael Lahiani at the company's headquarters in Dubai.
 
The proceeds will be used to expand existing markets in Saudi Arabia, Egypt, Turkey, the United Arab Emirates, Qatar, Bahrain, Lebanon and Morocco.
 
The company is likely to add about 200 employees to its current 450-strong workforce by the end of 2019. But he did not disclose the size of the stake acquired by New York-based General Atlantic.
 
After completing the investment, Chris Kalkin, chief technology officer for Europe, the Middle East and Africa at General Atlantic, will join the Board of Directors of PropertyFinder.
 
The other two investors in PropertyFinder are Endeavor, a non-profit organization, and Vostok New Ventures.
 
Lehani said the current value of the developer was close to $ 500 million, declining to disclose a specific figure.
 
The value of the site was estimated at $ 200 million in 2016, when it sold a 10 percent stake to Vostok in Stockholm for $ 20 million.
 
Laheani said the site, which was established in 2007, has made profits in the last four years and has recorded six million monthly visits to the site in the Middle East and North America markets.