Technology provider MRI Software has agreed to purchase ASX-listed PropTech Group (PTG.AX) for an estimated value of A$93.4 million.
The A $0.60 cash per share offer was submitted to the ASX earlier today and has been unanimously approved by both the MRI and PTG boards, and the deal is now pending shareholder and regulatory approval.
The acquisition involves a range of CRM products, including VaultRE, VaultEA, EagleCRM, and other products, including Real Estate Investar, RentFind Inspector and Website Blue.
PropTech Group Chief Executive Officer Joe Hannah said he welcomed shareholder support to secure closure on the agreement.
“Bringing our respective innovations together in one ecosystem makes sense as agencies rise to the challenge of keeping clients for life.”
MRI’s Chief Executive Officer David Bowie said he looked forward to working more closely with the PropTech Group management team in the coming weeks.
“This acquisition brings immediate value to our real estate agency clients in the region and represents a significant investment in the future of the real estate sector more broadly.
“In the same way FinTech fuelled growth and efficiencies in banking and finance over the last decade, we believe PropTech will propel the next generation of real estate to ensure its long-term value and contribution to our national economies,” Mr Bowie said.