- This follows a successful software integration trial announced in mid-2021.
- The pilot saw Openn technology on CoreLogic's onthehouse.com.au website.
- Expansion will see Openn products offered to onthehouse.com.au subscribers.
Openn Negotiation (ASX: OPN) has announced it has entered into commercial arrangements with CoreLogic (RP Data Pty Ltd), which will provide for an expansion to the pilot designed to integrate Openn software into CoreLogic’s onthehouse.com.au website.
The trial was announced to the ASX on 21 August 2021, with the companies confirming they had “… succeeded in demonstrating a unique and compelling proposition for their mutual customers.”
Openn said in a release to the ASX, that the new commercial arrangement has now been expanded to allow several of its products to be offered to CoreLogic’s subscriber base of over 9,000 real estate agencies.
The Perth based proptech platform also noted that: “Perhaps the most prominent component of the deal involves the further integration of the Openn platform into the onthehouse.com.au website as well as advertising support from CoreLogic of Openn’s products to its users.
CoreLogic’s site is noted as delivering access to approximately four million visitors per month and provides potential for Openn’s technology to become available to listings on the onthehouse.com.au website.
The consideration payable is in the form of a revenue share arrangement, under which Openn will provide to CoreLogic 20 per cent of the gross revenue from the upload fees generating from CoreLogic’s advertising support. The commercial arrangements will continue until validly terminated in accordance with the agreements. The agreements otherwise contain provisions that are usual for transactions of this nature.
Aside from the potential to offer Openn’s technology to CoreLogic and onthehouse.com.au audiences, this commercial collaboration also has the potential to present further opportunities to monetise data captured within the Openn ecosystem.
As the leading provider of market research, CoreLogic provides analytics to a wide range of professional groups with unparalleled access to the property insurance, banking and mortgage broking industries.
Openn managing director, Peter Gibbons, said, “This is a material expansion to the previously announced pilot integration with onthehouse.com.au and CoreLogic. Since listing on the ASX in July 2021, we have articulated a pathway to achieve five per cent market share in the total addressable housing market in Australia and New Zealand. This collaboration will help to deliver on this goal which will in turn, open up significant opportunities with regard to use of the unique, real-time data that Openn’s technology enables.
“The development of the commercial relationship between CoreLogic and Openn is clear evidence that the ‘behind-the scenes’ work being done by our technical team on several pilots announced domestically and in North America in the last 12-18 months will result in meaningful financial outcomes for Openn” he said.
CoreLogic executive, product, data and analytics, Tim Jenner, said, “Our team has collaborated with Openn over the last 12 months in evaluating and integrating the Openn software into our systems. We are now ready to provide onthehouse.com.au users with a unique software solution which we believe will transform the property sales experience for buyers, sellers and agents, keeping the agent at the heart of the transaction.
“CoreLogic aims to provide our users with leading-edge property analytics and transparency into the property transaction and Openn’s technology will undoubtedly enrich our suite of research tools and reports. We’re incredibly excited about the huge commercial opportunity that Openn’s unique data delivers.
“We are a group with unparalleled access to property market participants and professionals and we anticipate that our partnership with Openn will help to deliver transparency to the real estate industry”.
