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The ASX-listed proptech giant now has full ownership of the end-to-end property sales platform.
REA Group initially invested in Realtair back in 2020, and has held a 37 per cent stake in the business prior to the complete alignment of the proptech players.
According to a statement from REA Group, the acquisition is set to accelerate the business’s agency services strategy, and provide customers “with the best digital tools throughout the property transaction journey”.
REA Group CEO, Owen Wilson, said they are focused on helping their customers better manage workflows, increase efficiencies and grow their business, and that “Realtair’s products will enhance our ability to deliver this”.
“We’re excited by the long-term opportunities that our ongoing investment in Realtair presents.”
Wilson added: “The positive response to our existing partnership with Realtair gives us great confidence in the benefits we can deliver for our customers.”
For Peter Matthews, co-founder and chief executive officer of Realtair, the support provided by REA had proved an “important and effective partner” over the years.
He considers the property giant as “the natural fit to take Realtair into the next phase of growth”.
“I’m proud of what Realtair has achieved over the past eight years and have decided that now is the right time for new leadership to take the business forward,” he remarked.
REA Group reported that Realtair co-founder and chief operating officer, Blake Williams, alongside chief financial officer, Paul Shaw, would continue in the business, with Realtair employees also being welcomed into the team.
Matthews continued: “As part of REA Group, we can be sure that Realtair will continue to unlock value for the real estate industry with innovative tools that help agents do business.”
Prior to completion, the Australian Competition and Consumer Commission (ACCC) was notified of the acquisition, with all clearances received prior to completion.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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