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After securing regulatory approval, MRI Software has completed its acquisition of the PropTech Group, a deal that was four months in the making.
In an ASX announcement, the real estate software solutions provider confirmed the successful $93.4 million stock acquisition of Proptech Group following approval from the Australian Competition and Consumer Commission (ACCC), Foreign Investment Review Board (FIRB), and Federal Court of Australia earlier in February.
The completion of the transaction comes shortly after MRI cleared the latest hurdle in its buyout bid. On 8 February, shareholders approved the proposed scheme of arrangement by the requisite majorities.
Under the proposal, 100 per cent of PropTech Group’s shares were to be obtained by MRI Software.
REB first reported on the talks taking place between PropTech Group and MRI Software on 1 November 2022, highlighting that all the directors had confirmed their intention to vote in favour of the scheme.
At that time, REB reported that among the factors considered by the directors when recommending the scheme to shareholders was the significant premium being offered and the certainty of value.
With the acquisition completed, David Bowie, senior vice president and executive managing director for MRI Software in Asia Pacific, said that the residential real estate industry is now “closer to having a holistic operational view of consumers throughout the property life cycle.”
“This acquisition brings together two innovative PropTech companies dedicated to providing the greatest possible value to real estate agencies across Australia and New Zealand,” he stated.
He also explained that the combined solution suite resulting from the acquisition can help the company deliver on the aspirations of Aussies, which, according to the firm’s study was to have “one real estate agency for life”.
Joe Hanna, chief executive of PropTech Group, said the acquisition presents a “massive opportunity for PTG clients”.
“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.”
While there has been positive feedback from the industry so far, Mr Bowie expressed his enthusiasm for what’s to come after the acquisition.
“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,” he concluded.
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