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 https://www.mrisoftware.com/au/
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 email@example.com.
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.