Combined solution suite is positioned to meet growing consumer expectation for one agency to handle their property needs for life
SYDNEY, Feb. 22, 2023 /PRNewswire/ -- MRI Software, a global leader in real estate software solutions, announces its $93.4 million stock acquisition of PropTech Group (ASX:PTG) is now complete. The highly anticipated deal, first announced last year, secured approval from the Australian Competition and Consumer Commission (ACCC), Foreign Investment Review Board (FIRB), and Federal Court of Australia earlier this month.
David Bowie, Vice President for MRI Software in Asia Pacific officially welcomes PropTech Group to the Australia and New Zealand, and global MRI team, from today.
The property technology (PropTech) industry has experienced extraordinary growth in Australia with an influx of new providers and innovation over the last several years. In acquiring PTG, MRI complements and strengthens its MRI Living suite of residential sales and property management solutions - automating and simplifying every consumer touch point in a real estate business.
"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.
"We're incredibly proud to have curated such a powerful end-to-end suite of solutions to advance our industry and meet the needs of agencies and consumers alike. In a survey we conducted last year, Australian consumers told us they want one real estate agency for life. We're committed to helping agencies deliver on that aspiration. With more than 50 years of experience serving the global real estate industry, MRI offers peace of mind for clients who know the solutions we tailor to their particular environment are tried and tested."
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."
MRI's David Bowie concludes, "We've been delighted by feedback from clients and industry leaders so far. They grasp the incremental value brought by having a partner with an open and connected technology ecosystem to underwrite their business growth. Our respective innovations and extraordinary teams will enable us to better support our clients as they strive to retain consumers for life."
Agency professionals are advised to continue working with their respective PTG or MRI contacts, and/or reach out to MRI for information about any of its newly enhanced suite of residential agency PropTech solutions for marketing, sales, property management and finance operations, now within the MRI group of companies.
Finance and legal milestones
After securing a near-unanimous vote by shareholders, the binding Scheme Implementation Deed was approved by the Federal Court of Australia and other regulatory bodies earlier in February. The quotation of PTG shares on the Australian Stock Exchange (ASX) was suspended after close of trading on 13 February 2023. Shareholders receive $0.60 per PTG share held by 7 p.m. on 15 February, delivering an implied equity value of approximately $93.4 million. Implementation of the Scheme officially takes effect from 22 February 2023, meaning full control of the PropTech Group transfers from PTG shareholders to MRI Software on this date. The PropTech Group first traded as PTG on the Australian Securities Exchange in November 2020 with an indicative enterprise value of $27 million outlined in its Prospectus. It has been acquired by MRI for $93.4 million, equal to nearly 250% increase in value in just two years.
About MRI Software
MRI Software is a global property technology (PropTech) leader, providing real estate software solutions for commercial, residential, and social housing that transform the way communities live, work and play. MRI's open and connected, AI-first platform empowers owners, operators and occupiers in commercial and residential property organisations to innovate in rapidly changing markets. MRI has been a trailblazer in the PropTech industry for over five decades, serving more than two million users worldwide. Through innovative solutions and a rich partner ecosystem, MRI gives real estate companies the freedom to realise their vision of building thriving communities and stronger businesses. For more information, visit www.mrisoftware.com/au.
Media + Analyst contact
For high-res spokesperson images or to request an interview or more information, please contact:
Media Relations, Asia Pacific
0400 394 669
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