MRI Software Announces Completion of $93.4m PropTech Group Deal

February 22, 2023
Share this Post: 

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.

February 22, 2023
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Zillow And Opendoor
Zillow and Opendoor Further Extend Their Partnership into 3 New Markets

US giant Zillow and Opendoor have expanded their home sales partnership into three new markets. The new markets are Houston,...

Read More
Ke Holdings Decoration
Chinese Leader KE Holdings Sees Net Losses Widen to $203m in 2022 As It Goes "from high-speed to high quality growth"

Leading Chinese real estate brokerage and portal company KE Holdings (aka Beike) has released a report on its performance for...

Read More
Property Finder Boardroom
PropertyFinder hires Frode Nordseth as VP of Product

Dubai-based marketplace Property Finder has hired Frode Nordseth as its new VP of Product. He announced his new role in...

Read More
Buyrentkenya Nairobi Skyline
"The ceiling for innovation is just infinite at this point" - Interview with BuyRentKenya CEO, Lizzie Costabir

Like the previous two portals we've spoken to in our Africa series, BuyRentKenya has been in the business for 10...

Read More

Editor's Pick