Today (30 November) NI announced it has sold its stake to Globrix founders, Dan Lee, chief executive, and chief technical officer Ian Parry, for an undisclosed sum. Lee and Parry now own 100% of the business.
News International made a multimillion- pound investment for the stake in Globrix in 2007, adding at the time to its investment in Propertyfinder, another property search engine.
Globrix, unlike most property websites, directs users to agent's websites rather than hosting the property details itself. It charges property professionals and related services for advertising.
Yet, this year, the newspaper company has moved to exit the online house-hunting sector. In June, it sold PropertyFinder, whose brands include Propertyfinder.com and HotProperty.co.uk, to Zoopla.co.uk.
Lee said: "We are delighted we have had the opportunity to buy News International's stake in the business. This move means News International can focus on its core activities and we can continue to progress Globrix as a technology business and a growing UK property portal.
"We are grateful for the support of News International over the past few years and look forward to continuing to work with it to power The Sun online and The Times online property sections."
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