Private equity firm MidOcean Partners has signed a definitive agreement to sell Bora Inc. and its subsidiaries, known as Zonda, to CoStar Group for $800 million in cash, according to an announcement on Friday.
Zonda is a North America-focused data, marketplace and software platform built around the new-home ecosystem. Its products span land discovery, homebuilding, home discovery and homebuying and are delivered through three main offerings: subscription-based data and intelligence that cover more than 500 housing metrics across North America, new-home marketplaces in the U.S. and Canada and a suite of software tools for virtual home evaluation including visualization, customization and tours. CoStar said Zonda currently serves over 3,000 customers across the homebuilding ecosystem, including many of the largest residential builders, developers, suppliers and lenders in North America.
During MidOcean’s ownership, Zonda completed nine add-on acquisitions, expanded its geographic coverage and invested in proprietary and patented AI-driven data collection and workflow tools, the firm said. MidOcean reported that Zonda more than doubled in scale, materially expanded margins and delivered more than 50 consecutive quarters of year-over-year annual recurring revenue growth across multiple housing cycles.
CoStar Group, which has built a dominant position in commercial real estate data and online marketplaces, has been expanding further into residential. Adding Zonda’s builder-focused datasets, marketplaces, such as the North American-focused new home marketplaces NewHomeSource and Livabl, and its workflow software could deepen CoStar’s presence on the new-home side of the business and eventually give lenders and real estate agents more granular insight into pipeline supply, especially in fast-growing Sun Belt and exurban markets, the companies claimed in their announcements.
“Zonda has built an extraordinary business with deep relationships across the homebuilding industry and one of the most valuable proprietary datasets in new home real estate,” , the founder and CEO of CoStar Group, said in a statement. “This acquisition extends CoStar Group’s leadership into a major new segment of the real estate industry and strengthens our ability to provide clients with comprehensive information solutions across every major real estate segment. We believe the combination will deliver deeper insights, workflow efficiencies, and analytics to the homebuilding industry, while strengthening our core information offerings and significantly expanding our new home marketplace capabilities.”
Sara Badham, a managing director at MidOcean, said in the announcement that the firm and Zonda’s management team sought to build “the preeminent platform for data, insights and technology across the residential housing ecosystem” and backed that strategy with investments in acquisitions, technology, product and talent.
Jeff Meyers, founder and CEO of Zonda, said MidOcean’s “strategic insight, operational support, and capital partnership were instrumental in transforming Zonda into the platform it is today” and added that Zonda expects to “continue to deliver exceptional value” to customers as part of CoStar’s larger platform.
Houlihan Lokey Capital served as lead financial advisor to MidOcean and Solomon Partners Securities also advised the company. Gibson, Dunn & Crutcher was MidOcean’s legal counsel. CoStar said the acquisition is expected to close in the second half of 2026.
Since 2020, CoStar Group has undertaken several acquisitions as it has worked to buildout it residential home sales platform, beginning with Homesnap and Ten-X in 2020, followed by Homes.com in 2021 and Matterport in April 2024.
This article was written by Brooklee Han and generated with the assistance of HousingWire Automation, then reviewed by a HousingWire editor before publication.
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