After over a year of planning, OnTheMarket has completed its purchase of proptech company, Glanty, the operator of the rental platform teclet.
In December of 2019, OnTheMarket offered a 20% stake in Glanty. The most recent statement was sent to the London Stock Exchange by newly appointed OTM CEO, Jason Tebb, confirming that the remaining 80% of shares has the go-ahead, pending certain conditions. The deal is set to complete by the end of May.
"As part of our strategy, we’ll be integrating Glanty’s products into our offering to create even better value for residential sales agents and lettings agents. By building tools and providing best-in-class software, we’ll support increased efficiencies within their businesses that will assist agents in gaining a competitive edge.”
Teclet has seen revenue, sales, and customer growth since the initial investment.
Alan Blockley, CEO of Glanty, stated:
“We’re delighted that, having met Jason and after spending significant time understanding his vision for OnTheMarket’s future direction of travel, he shares our view that there is an opportunity for our software solutions, API partnerships, and product providers to integrate seamlessly with the portal, which will have significant benefits to estate agents and consumers.”