
MRI Software has completed the A$93.4 million acquisition of PropTech Group (PTG) announced in November 2022, following shareholder and regulatory approval for a Scheme Implementation Deed.
Trading of PTG shares on the Australian Stock Exchange (ASX) was suspended at the close of business on 13 February 2023, with shareholders receiving A$0.60 for every PTG share held at 7pm on 15 February – valuing the company at approximately A$93.4 million.
The global property technology (PropTech) industry has experienced significant growth, following an influx of new providers over the last several years. In January, Planon Software announced the acquisition of a controlling stake in French PropTech provider, Ubigreen, which develops energy performance and workspace optimisation solutions.
PTG first traded on the Australian Securities Exchange in November 2020, with an indicative enterprise value of A$27 million outlined in its Prospectus. Its share price on acquisition represents an increase in value of almost 250 per cent in only two years.
The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property life cycle.
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David Bowie, MRI’s Senior Vice President and Executive Managing Director for the Asia Pacific region, says: “This acquisition brings together two innovative PropTech companies dedicated to providing the greatest possible value to real estate agencies across Australia and New Zealand. The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property life cycle.
“We are incredibly proud to have curated such a powerful end-to-end suite of solutions to advance our industry and meet the needs of agencies and consumers alike.
“In a survey we conducted last year, Australian consumers told us they want one real estate agency for life, and we’re committed to helping agencies deliver on that aspiration. With more than 50 years of experience serving the global real estate industry, MRI offers peace of mind for clients who know the solutions we tailor to their particular environment are tried and tested.
“We’ve been delighted by feedback from clients and industry leaders so far. They grasp the incremental value brought by having a partner with an open and connected technology ecosystem to underwrite their business growth, and our respective innovations and extraordinary teams will enable us to better support our clients as they strive to retain consumers for life.”
Joe Hanna, PropTech Group CEO, adds, “The acquisition is a massive opportunity for PTG clients, who already enjoy the tight integration of our software.
“Many MRI clients use PTG products like VaultRE or Eagle Software, and likewise, many PTG clients use offerings from MRI such as Box+Dice or PropertyTree. Now, we can innovate together to ensure the focus is exactly where it matters: on our clients.”
PTG’s software offering is expected to be integrated with the MRI Living™ suite of residential sales and property management automation solutions.