Globalproperty technology leader MRI Software announces it has entered into a binding Scheme Implementation Deed to acquire 100 percent of PropTech Group Limited (“PTG”) (ASX: PTG.AX) for an estimated value of A$93.4 million.
PTG is an operator and investor in real estate software companies, primarily in Australia, New Zealand, and the United Kingdom.
The A$0.60 cash per share offer, equating to an implied equity value of approximately A$93.4 million on a fully diluted basis was submitted to the Australian Stock Exchange (ASX) by PTG earlier today.
The offer includes MRI acquiring PTG’s well-respected real estate software brands including:
VaultREVaultEAEagleCRMReal Estate InvestarWebsite BlueDesignlyRentFind Inspector
Many of PTG’s products complement and strengthen the MRI Living™ suite of solutions for residential sales and property management – and add new capabilities in other areas.
David Bowie, Managing Director and Senior Vice President (Asia Pacific) for MRI Software says this acquisition brings immediate value to our real estate agency clients in the region and represents a significant investment in the future of the real estate sector more broadly.
“In the same way FinTech fuelled growth and efficiencies in banking and finance over the last decade, we believe PropTech will propel the next generation of real estate to ensure its long-term value and contribution to our national economies.” said Bowie
“The business of finding, buying, selling, renting, and investing in property comes with the same complexities as any advanced industry – and needs the right technology to enable its potential.”
A combined MRI and PTG will be well-equipped to help modern real estate agencies respond to changing consumer expectations and market dynamics,” he says.
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