Homestore.com to Buy Top Producer Systems

Homestore.com Inc., which lists homes for sale on the Internet, has agreed to buy closely held Top Producer Systems Inc. for $24.2 million in stock and cash. Top Producer, founded in 1982, gives Thousand Oaks-based Homestore.com content management software that helps more than 100,000 real estate agents manage leads, contacts and referrals, match buyers and sellers and track listings. Century 21, Coldwell Banker, General Motors Acceptance Corp. and Realty World are among the real estate franchises using Top Producer software. Homestore.com said the founding shareholders of Top Producer will receive up to $16.2 million over the next four years if they meet certain performance targets. Homestore.com controls more than 90% of homes listed for sale on the Internet. In April, the Justice Department began an investigation into possible anti-competitive business practices by Homestore.com. It shares fell 6 cents to close at $28.13 on Nasdaq.