The U.S. real estate software company MRI Software has announced that it has completed a $93.4m deal to acquire the ASX-listed CRM provider PropTech Group.
The deal's proposal was announced back in October and has since been approved by PropTech Group's shareholders and the Australian competition authorities.
“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,” said David Bowie, Senior Vice President and Executive Managing Director for MRI Software in Asia Pacific.
Joe Hanna, CEO of PropTech Group said, “This acquisition is a massive opportunity for PTG clients, who already enjoy the tight integration of our software. Many of MRI’s 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.”
Headquartered in Ohio with offices in the Asia Pacific region, MRI Software operates a SaaS business with products for the multifamily and commercial residential markets.
The PropTech Group provides software for real estate agencies in Australia, New Zealand and the UK. The Group initially listed on the Australian stock exchange in November 2020, and recorded revenues of $20.2m for the FY22 (up 74% on 2021), with EBITDA of 5% to $2m in the same period.
According to a press release, PropTech Group first traded on the Australian stock market at an indicative value of A$27 million in 2020. MRI's purchase price represents a value increase of almost 250% since then.