• MRI Software has officially acquired ASX-listed PropTech Group with a $93.4 million stock acquisition.
  • The acquisition strengthens its suite of residential sales and property management solutions.
  • Mr Bowie said in a PropTech survey, "Australian consumers told us they want one real estate agency for life."

Leading US-based real estate software company, MRI Software has officially acquired ASX-listed PropTech Group with a $93.4 million stock acquisition.

The highly anticipated deal secured approval from the Australian Competition and Consumer Commission (ACCC), Foreign Investment Review Board (FIRB), and Federal Court of Australia earlier this month.

Senior Vice President and Executive Managing Director for MRI Software in Asia Pacific, David Bowie, said the acquisition strengthens its suite of residential sales and property management solutions.

Mr Bowie said, “This acquisition brings together two innovative PropTech companies dedicated to providing the greatest possible value to real estate agencies across Australia and New Zealand.

“The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property life cycle.”

End-to end solutions

Mr Bowie said the company is incredibly proud to have curated such a powerful end-to-end suite of solutions to advance the industry and meet the needs of agencies and consumers alike.

Mr Bowie said, “In a survey we conducted last year, Australian consumers told us they want one real estate agency for life.

“We’re committed to helping agencies deliver on that aspiration.

David Bowie Asia Pacific Managing Director IMAGE supplied
David Bowie Asia Pacific Managing Director IMAGE supplied

“With more than 50 years of experience serving the global real estate industry, MRI offers peace of mind for clients who know the solutions we tailor to their particular environment are tried and tested,” he said.

Focus on innovation

Joe Hanna, CEO of PropTech Group, said, “This acquisition is a massive opportunity for PTG clients, who already enjoy the tight integration of our software.

“Many of MRI’s clients use PTG products like VaultRE or Eagle Software, and likewise, many PTG clients use offerings from MRI such as Box+Dice or PropertyTree.

“Now, we can innovate together to ensure the focus is exactly where it matters: on our clients.”

Mr Bowie said, “We’ve been delighted by feedback from clients and industry leaders so far.

“They grasp the incremental value brought by having a partner with an open and connected technology ecosystem to underwrite their business growth.

“Our respective innovations and extraordinary teams will enable us to better support our clients as they strive to retain consumers for life.”



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