- Agreement involves integration of OPN and Realty Assist technology
- The agreement allows cross-marketing of Openn and Realty Assist’s products
- The company also recently announced a $5M raise for its North American pilots
Openn Negotiation (ASX: OPN) announced this morning it has a Commercial Collaboration Agreement with Realty Assist Australia.
The partnership will allow cross marketing of Openn and the Australian property focussed payment and cash flow solutions group products.
“As two of the fastest growing PropTech businesses in the Australian and New Zealand markets, it makes perfect sense for Openn and Realty Assist to join forces for this powerful collaboration,” said Openn Negotiation MD Peter Gibbons.
“Both groups help to improve the experiences of buyers, sellers and agents in property transactions in different ways and this collaboration allows us to help each other grow market share.”
Realty Assist is a fast-growing property technology business that facilitates efficient settlement of agent’s commissions and vendor paid advertising costs. The underwriting of these payments and fees substantially reduces financial risk for agents and has facilitated Realty Assist’s rapid market growth.
Openn will integrate Realty Assist into Openn’s software where the two parties’ combined market sales information will provide future commercial data analytics opportunities. Specifically, Realty Assist’s access to vendor information complements Openn’s deep understanding of buyer behaviour and provides an aggregated database of substantial value to enterprises wishing to understand,and leverage vendor and buyer activity.
The Realty Assist collaboration signals a broader intent for Opennto partner with other complementary third-party property technology groups and will assist with Openn’s ambition to develop deeper data sets for future monetisation.
The move comes after a quick succession of moves the company has made in the North American market.
In April, OPN signed pilots with the Canadian Real Estate Real Estate Association and Triangle MLS.
In May, OPN opened up to the Northern California and Bay Area markets by announcing a pilot with bridgeMLS.
In June, the company then announced they had three more pilots planned. At the end of June, the company announced a pilot with BeachMLS.
This month, the company kicked off July with a $5 million raise to fund the pilots.
