MRI Software, a global leader in real estate software solutions, announced today that it has completed the $93.4 million acquisition of PropTech Group (ASX:PTG).

The acquisition brings together two innovative companies, who share the common goal of providing the best possible value to real estate agents and agencies.

Thank you to our clients, shareholders, partners and the entire PropTech Group team for helping to make this acquisition possible.

Please stay tuned for more exciting updates as we join forces and continue to work together.

To read the ASX announcement, please click here.

To read the related press release, please click here.







PropTech Group is pleased to announce that our shareholders approved, by the requisite majorities, the scheme of arrangement under which it is proposed that Rockend Technology Pty Ltd, a wholly-owned subsidiary of MRI Software LLC, will acquire 100% of the shares in PropTech Group.

To learn more and read the full ASX announcement, please visit

We are pleased to announce that PropTech Group has entered into a Scheme Implementation Deed with MRI Software LLC under which it is proposed that MRI Software will acquire 100% of PropTech Group via what is called a Scheme of Arrangement.

MRI Software is a private global real estate technology company with headquarters in the USA and more than 30 locations across North America, EMEA and APAC.

This acquisition will help PropTech Group expand our product offerings, provide greater value to our customers, and reward our investors with a return substantially above the current market price.

Q. Who is MRI Software?

MRI Software is a leading provider of real estate software solutions on three continents. MRI Software serves more than two million users worldwide and is also the parent company for Box+Dice, PropertySuite, and Rockend. For more information about MRI Software, see

Q. For PropTech Group’s customers, what does this mean?

PropTech Group’s customers can expect continuity. The proposed acquisition should not impact our customers at all for now. We will continue to stay focused on helping our customers find a smarter way to do business – and to prosper.

Later, we expect our customers to receive some direct benefits from the acquisition as it enables us to offer new technologies and products. We believe that, in the long run, the acquisition will enable all of us at PropTech Group to better serve you.

If you are a PropTech Group customer and have a question, please contact

Q. For PropTech Group investors, what does this mean?

PropTech Group shareholders do not need to take any action at this time. Under the Scheme, PropTech Group shareholders will be entitled to receive A$0.60 cash per share, equating to an equity value of A$93.4 million. This represents a takeover premium of 131% to the closing price on 28 October 2022 of A$0.26.

The Board of PropTech Group unanimously recommends that shareholders vote in favour of the Scheme in the absence of a superior proposal and subject to the Independent Expert concluding that the Scheme is in the best interests of PropTech Group shareholders.

Subject to ASIC registration and Court approval, the Explanatory Booklet is expected to be dispatched to PropTech Group shareholders in December 2022. This Booklet will contain more information and a more detailed description of the process.

Subject to the conditions of the Scheme being satisfied, it is anticipated that PropTech Group shareholders will meet in January 2023 to vote on the acquisition Scheme.

Q. For PropTech Group employees, what does this mean?

There will be no changes to PropTech Group’s operations or workforce because of the acquisition for the time being. Employees will continue to report to the same managers and team leads. PropTech Group’s benefits, vacation policy, and other employee perks will remain unchanged.

In the longer run, the acquisition will give PropTech Group employees new opportunities for growth and advancement. MRI Software serves more than two million users worldwide and has offices in over 30 locations across North America, EMEA and APAC.

MRI Software was recently named to the Inc. 5000 List of Fastest-Growing Private Companies, for the third year in a row. And in April, MRI Software earned the 2022 Top Workplaces Culture Excellence recognition for Work-Life Flexibility.

If you are a PropTech Group employee and have a question, please contact your direct manager.

PropTech Group has partnered with National Property Group (“NPG”) and that’s a big win for real estate agents. Here’s why.

Right from within your VaultRE CRM (and soon from within Eagle, too) you’ll be able to access market data from NPG. You won’t have to log into NPG separately. With this deep integration, in just a few clicks you will be able to add market data into vendor proposals, appraisals, pricing strategies, reports, and marketing materials.

This partnership will be so good for agents that it has already been covered in The Property Tribune and Real Estate Business.

Who is National Property Group? The company got established in 2020 after acquiring one of Australia’s leading property data platforms. Then, NPG relaunched its property intelligence platform in 2021 and now delivers instant insights from more than 40 years of historic and current market data.

Click here to learn more about the NPG integration with VaultRE.

Real estate principals in Australia and New Zealand now have a powerful new platform for making their teams more productive, efficient, and profitable.

Through the Learning Hub, real estate teams can access powerful yet affordable training on PropTech Group’s VaultRE and Eagle CRM products and also on the agency marketing platform, Designly and Designly Pro.

Agency principals can obtain consulting via the Learning Hub on how to be as much as 20% more profitable. That is through the PropTech Group’s partnership with Andrew Friebe’s Re-Engage Consulting. Freibe is the former chief operating officer of Harcourts International.

“They say we humans only use about 10% of our brains,” said PropTech Group Chief Commercial Officer Luke Thomas. “I don’t know if that’s true, but I do know that only a few agencies use more than about half of the capabilities in Eagle, VaultRE, and Designly.

“For example, many VaultRE users never turn on the ability to send automated responses to enquiries coming from the portals, even though this could save them 10 minutes per enquiry and can also automatically qualify their buyers for them.

“We just launched our Learning Hub. This first stage provides bespoke, custom training and consulting. You can sign up for as little as two hours of training or save money by purchasing packages that give you more hours at a discounted rate.

“The next stage of the Learning Hub will offer learning paths that lead to certifications and CPD points.

“Close to half of the industry uses one of our CRMs, so up-skilling our user base will have huge benefits to the industry."

Learn more in this video

The PropTech Group Limited (ASX:PTG) released its full year results for the financial year ended 30 June 2022 ("FY222"). In this recorded webinar, Group CEO, Joe Hanna, and Group Financial Officer, Michael Fiorenza, discuss the results from the year and how they were achieved.

Watch the full webcast here:

The PropTech Group Limited (ASX: PTG) is pleased to announce its full year results for the financial year ended 30 June 2022 (“FY22”), highlighted by a 74% year on year growth in total revenue and other income to $20.2 million, from $11.6 million in FY21,

Financial highlights for FY22 include:

• Total revenue and other income of $20.2 million, an increase of 74% from $11.6 million in FY21;
• Operational revenue of $19.9 million, an increase of 78% from $11.2 million in FY21;
• Underlying EBITDA of $2.0 million, resulting in an Underlying EBITDA Margin of 10%;
• $2.9 million in positive net operating cashflow;
• Cash receipts of $21.4 million, an increase of 74% from $12.3 million in FY21;
• $14.1 million in cash on hand as at 30 June 2022, up 114% versus prior corresponding period;
• ARR (‘Annualised Recurring Revenue’)1 as at 30 June 2022 of $18.5 million, an increase of 49% over 30 June 2021; and
• Organic growth2 represented 57% as a portion of the total operating revenue growth.

Operational highlights for FY22 include:

• Increased Average Revenue per Account (“ARPA”)3 to $267 in June 2022, an increase of 27% over June 2021;
• Increase Average Products per Account (“APPA”)4 to 1.93, an increase of 82% from 1.06 over June 2021;
• Increased accounts (real estate agency offices) to 5,106 in Australia/New Zealand as at 30 June 2022, an increase of 24% from 4,115 as at 30 June 2021; and
• Approximately 42 percent of Australia / New Zealand real estate agency offices use at least one PTG product or service.

Corporate highlights for FY2022 include:

• Successfully integrated Website Blue and Eagle Software into the PTG family while continuing to grow both businesses. Post-acquisition, Website Blue’s ARR has increased by over 135% and Eagle’s has increased by over 61%;
• Established the Rello joint venture, a real estate payments platform, and integrated into the PTG suite of products; and
• Partnered with digital offer management tool Propps and data provider National Property Group to earn equity in each through the sales of their products to our customers.

Joe Hanna, Group CEO and Managing Director of PropTech Group, said:

“This is our first full financial year of operation since we relisted in November 2020. During the last 12 months we grew quickly, more deeply integrated our businesses and their teams, and leveraged the 42 percent of agents using our products to increase average revenue and products per account.

“Since the close of the 2022 financial year, we have strengthened our management team through several internal promotions. Eagle Software Founder and CEO, Luke Paverd, took a new role as Group Chief Operating Officer, Website Blue Chief Operating Officer, Luke Thomas, moved up to Group Chief Commercial Officer, and Head of Marketing, Audrey Nicoll, became Chief Marketing Officer.

“We believe we are in a strong position to continue to drive strong growth in 2023 by executing a clear four-part strategic plan that combines organic and inorganic initiatives.

1. In our core business of SaaS CRM software for real estate agencies, we expect to capture an increased share of the $120 million total agency spend in Australia and New Zealand;
2. To complement our core CRM business, we will integrate additional related real estate software to capture a larger share of the $610 million Australia and New Zealand real estate agency non-CRM SaaS and related spend;
3. We are in the early stages of exploiting the significant opportunity in ancillary services, such as utility connections and mortgages, provided by our strong relationship with 42 percent of Australian and New Zealand real estate agencies; and
4. We will seek to operate profitably in the UK.

“The future looks bright for PropTech Group. On behalf of the management team and staff of PropTech Group, I would like to thank our Board and shareholders for their ongoing support.”

Please click below for the related ASX Announcements

1 Annualised Recurring Revenue is calculated as at a point in time, multiplied by 12 (i.e. June 2022 run-rate). It provides a 12-month forward-looking view of recurring revenue if all factors such as new, churn, pricing and foreign exchange were to remain the same for that period. This excludes other operating revenue (non-recurring revenue).

2 Organic growth has been calculated as the delta between acquisitive revenue growth contribution and total revenue growth for the group. Acquisitive growth includes any acquisitions that occurred during the financial year 2022 and uses the month prior to acquisition as the basis of revenue contribution to the Group and multiplied for the period. Any additional growth from that date has been included in organic growth.

3 “ARPA” is monthly average revenue per account calculated for last month of period indicated.

4 Products per account has been calculated as the number of products subscribed to by PropTech Group customers, divided by the total number of accounts. The individual products captured include CRM Core, CRM Property Management, CRM Commercial, Rent Find Inspect, Websites and Designly.

PropTech Group (ASX: PTG) advises that it is scheduled to release its financial results for the full year ended 30 June 2022 on Tuesday 30 August 2022, prior to market open.

We invite investors to join a live webcast and Q&A hosted by Joe Hanna, Group CEO and Managing Director of PropTech Group, on Tuesday 30 August 2022 at 11am (AEST)

To register in advance for this webinar, please follow this link.

PropTech Group is delighted to announce Leesa Sinn as the new Head of Learning & Development.

This brand new role will be responsible for:

PropTech Group COO Luke Thomas said,

"Leesa is a highly skilled and talented leader, with excellent credentials within the Learning and Development sector, who acted as a fantastic asset for PropTech Group in her prior role, something I know will continue moving forward. She'll be responsible for leading the development and execution of our new training initiatives across our brands, meaning our clients will be in very safe hands. I'm delighted to have Leesa on my team, and I'm excited for the days ahead when we'll be working together delivering positive commercial outcomes and client experiences across all of our products and services."

Leesa Sinn said:

"I am thrilled to be taking on this new role, and look forward to providing learning and development opportunities, to help our Customers benefit fully from our suite of industry-leading products."

Learn more about how the Learning Hub will benefit both shareholders and customers in this video.

Adrian Butera is a man who is passionate about his industry, his local community, and how he can leverage his time to best serve both.

With 32 years of experience in real estate and 18 years as the Managing Director of independent powerhouse Compton Green, Adrian has a history of finding ways to use his position to lead positive change around him.

From planting the seeds for affordable housing in the inner west to sitting as the Chairman of the Hobson Bay Community Fund, Adrian is a big proponent of little ideas growing into something good.

Watch his interview to learn more about the history of GoesGreen, partnering with Melbourne University to support their Masters students to create inclusive spaces in sport, and the difficulties of being at the helm of a not-for-profit during a pandemic.

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