Currently operating and investing in real estate software companies across Australia, New Zealand and the United Kingdom, PTG received a $0.60 cash per share offer. This equates to an estimated equity value of $93.4 million.
Software brands falling under the brand include VaultEA, EagleCRM, Real Estate Investar, Website Blue, Designly and RentFind Inspector. Much of these blends with the MRI Living suite of solutions for residential sales and property management.
The Ohio-based MRI is privately held and has offices in the United States, Canada, Australia, New Zealand, Hong Kong, Singapore, South Africa and the UK. It has been in the property tech industry for over 50 years – decades before the internet – and serves over two million users worldwide.
While there is a strong position to continue to drive strong growth in 2023 and beyond by executing on our clear strategic plan that combines organic and inorganic initiatives, the Board believes that the proposal received from MRI represents a compelling opportunity for PropTech shareholders to realise a significant premium to the value of their PropTech shares via the certainty of cash consideration and in a timeframe that would not otherwise be available.