Doubling up on its news today, in addition to announcing a new payments joint venture, the ASX-listed property technology company PropTech Group released its results for FY21, highlights of which include:
In a statement, CEO Joe Hanna said:
“Financial year 2020 was a transformative one for the PropTech Group. Since re-listing in November 2020 PropTech Group has made several strategic acquisitions and extended our leading market share of real estate agencies using our CRM SaaS products in Australia and New Zealand.
“We have doubled our team since re-listing in November growing from 51 to 103 as of June 30 with a strong focus on expanding the product and technology teams along with sales and marketing personnel. Our newly formed centralised business development, account management and marketing teams are working closely with our customers to help them navigate the PropTech landscape utilising best in breed technology to help streamline their business and maximise profitability."
Co-founded by Australian industry figure Simon Baker in 2006 under the name Real Estate Investar, the newly formed PropTech Group relisted on the Australian Stock Exchange in October last year after buying out leading sales CRM products MyDesktop and VaultRE.
In doing so the PropTech Group raised some $10.6m which it has used to fuel both organic and M&A driven growth.
The Melbourne-headquartered firm went on to acquire real estate web design platform Website Blue in February as well as full-service CRM software H1 later in the year. Since the group’s last annual report there have also been important deals signed with the likes of H1’s previous owner Harcourts as well as with Australia’s leading real estate franchise Ray White Group.
All of this has lead to a stellar return to the ASX where since re-listing in November at 25 cents PropTech Group’s stock has risen significantly, hitting highs of 88 cents in June and trading at 59 cents at the time of writing.
The Group has achieved a market share of 40% of real estate agencies in Australia using at least one of its products and according to Hanna will be looking to drive growth “through a combination of both organic and inorganic initiatives”.