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Further strengthening its position in the proptech industry, the property maintenance platform has acquired Inspection Manager to offer property managers an all-in-one service solution.
The strategic merger with the largest inspection platform in Australia and New Zealand also comes after Bricks + Agent acquired its competitor, Maintenance Manager, just three months prior, effectively bringing together the two “founding fathers” of Australia’s proptech industry under one stable.
According to the company, the latest acquisitions enabled the business to offer the top three services required by property managers under one unified platform: invoicing, maintenance, and inspections.
Co-founder of Inspection Manager, Carrie Vernon, who will continue to run the operations of the business with an additional and complementary product suite, explained why the deal aligns with their growth plans.
“We see this as a fast way to deliver our strategy by growing in the real estate and social housing space while continuing to enhance and grow the users’ experience across these critical property management elements.
Noting that there is “a lot of consolidation underway currently in proptech”, Ms Vernon revealed the decision to combine forces with other proptech players also allowed their overall vision to be “taken to the next level”.
“The Bricks and Agent team will align these key pieces of technology to create a seamless, integrated user experience, and our existing team is happy to be working as part of a bigger group to achieve more of our goals,” she stated.
Rafael Niesten, the co-founder of Bricks + Agent, said both platforms share similar goals, making them a “natural fit for one another”.
“Our growth aspirations are aligned. We are also both actively targeting the $21 billion property management Total Addressable Market. The acquisition creates a singular focus on this goal,” he stated.
Giving insights on how the deal came to life, Mr Niesten divulged that Inspection Manager came up as a viable candidate in the business’s search for partners providing services that were “aligned in a different vertical to maintenance”.
“Inspections and maintenance work hand-in-hand; we have been working as a partner with Inspection Manager for well over 12 months and were impressed with their product and team,” he stated.
“Following our acquisition of HTHA-backed Maintenance Manager, we thought it would be a match made in property management heaven and began our discussions, which has resulted in this acquisition,” the executive added.
Mr Niesten highlighted that the acquisition “deepens the data landscape for property managers” while enabling Bricks + Agent to accelerate its growth plans and roll out its “unique technology” to more property managers, social housing providers, home owners and tenants.
With the consolidation, Bricks + Agent reportedly now has the largest footprint of properties in the proptech industry, with one in two rental properties in the Australia and New Zealand regions using their platforms.
The business’s portfolio also comprises over 2,500 agencies, 1.2 million properties, 5.1 million owners and tenants, 60,000 trades, 18,000 property managers, and over 13 million completed inspections following its acquisition spree.
This deal also adds significant volume to Bricks + Agent’s existing client base, which includes property heavyweights including JLL, Meriton and Little Real Estate.
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