MRI Software has edged one step closer to acquiring PropTech Group, with the latter’s shareholders approving the scheme of arrangement that will see it take over the Australian company.
PropTech Group announced to the ASX yesterday that shareholders had approved the scheme of arrangement by the “requisite majority”.
The deal remains subject to Federal Court approval.
MRI Software, which is based in the United States, first announced its intention to acquire 100 per cent of PropTech Group in October 2022.
The deal has an estimated value of A$93.4 million.
David Bowie, Managing Director and Senior Vice President (Asia Pacific) for MRI Software, welcomed the news.
“It’s fantastic to know PTG shareholders share our collective enthusiasm for advancing this historic deal. It represents a significant investment in the future of PropTech which we firmly believe underpins the next generation of real estate,” Mr Bowie said.
“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, and we’re thrilled to be a step closer to that reality today.”
“Our bid to acquire PTG has always been about the long-term value and contribution such an investment will make to advancing the future of the real estate industry as a whole.”
PropTech Group operates and invests in real estate software companies, primarily in Australia, New Zealand, and the United Kingdom.
Its products include CRM technology Vault RE and EagleCRM.
The second court hearing to consider the deal is scheduled for February 10.