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Domain Group acquires 50pc stake in Beevo business service

Industry News|May 31, 2016

Domain Group has acquired a 50 per cent stake in Beevo, a free personalised service for small and medium-sized businesses to connect their essential services when moving premises or when seeking better deals on existing contracts.

Beevo, which was founded in Melbourne in 2013, has the ability to set up the complete range of trades and services for commercial clients, including electricity, gas, water, fuel cards, telecommunications and waste management.

Domain Group chief executive officer Antony Catalano described the acquisition as a key strategic move for the commercial real estate business.

“Beevo taps into the strong market demand for a commercial connections offering that recognises the specific needs of businesses and the critical importance of being operational from day one,” Mr Catalano said.

“This allows us to broaden our offering to agents and consumers across the commercial property life cycle.

“The partnership with Fairfax and the Domain Group will accelerate Beevo’s roll-out while at the same time providing CRE with an additional revenue stream.

“This is a valuable bolt-on to the CRE business, and we will continue to look at opportunities to strengthen and build our market position.”