Australia’s PropTech Group (ASX:PTG) today announced that it had completed the acquisition of Eagle Software Pty Ltd to add to its impressive suite of software products for the real estate industry in Australia, New Zealand and the United Kingdom.
PropTech Group (PTG) made the acquisition on a cash and debt free basis for AUD$7.5 million (approximately $4.1 cash and approximately $3.4 million in scrip). Eagle also has the opportunity of an additional AUD$7.5 million earn-out based on performance against growth hurdles assessed to May 2022.
PTG managing director Joe Hanna said PTG had a proven track record in building scalable businesses and that the Eagle acquisition was in line with the company’s aim to improve the real estate industry with leading technology.
“This further bolsters the real estate CRM capabilities of PTG and increases our estimated share of CRM to about 38% in Australian and New Zealand,” Mr Hanna said.
“We have the largest market share of any proptech company and we come from a strong foundation of further developing successful sub-brands.
“We are pleased to welcome the team at Eagle Software to the PropTech Group family and Eagle’s product offering supplements, in particular, our VaultRE product,” he said.
Co-founder and CEO of Eagle Software, Luke Paverd said that he and his team were excited to be part of the PropTech Group.
“Joining PTG brings synergies that will allow us to deliver more value to our existing customers and offer our software and services to a broader market. EagleCRM is an innovative product focused on independents, boutiques and small multi-office real estate agencies. We will continue to invest heavily in the product and cement our offering as a leader in the space.” Mr Paverd said.
The new arrangement will provide PTG’s centralised account management team with a larger customer base to provide more products, while strengthening relationships within the real estate industry.
The acquisition of Eagle Software advances PropTech Group’s objective to own, operate and invest in high-quality property technology businesses that primarily focus on the Australian, New Zealand and United Kingdom residential and commercial real estate markets.
To download the full ASX announcement (PDF file), please click here.