- ASX-listed Proptech Group has completed its proposed acquisition of Eagle Software
- Their share in the real estate CRM market has risen from 31% to 38%
- The deal adds around 30% to Proptech Group's top line and 33% on EBITDA
ASX-listed Proptech Group (‘PTG’) has completed its purchase of Eagle Software with $4.1 million in cash and $3.4 million in shares, with up to $7.5 million additional earn-out conditional on growth targets.
Eagle Software started out in 2014 providing real estate agents with a platform to list their properties, feed their website and other portals as well as a CRM (customer relationship management) product. They grew to more than 800 agency offices in Australia and New Zealand.
With the acquisition, Proptech Group now has an estimated 38% share (up from 31%) of the real estate CRM software market in Australia and New Zealand.
Earlier this year, on announcing the move, the company said this strengthened their product offering “by supplementing VaultRE with a market-leading independent agency focused product offering.”
VaultRE is a leading CRM provider for the real estate industry, with its developers exiting MyDesktop (previously owned by Domain) to build up a totally new system, which was acquired by Proptech Group last year.
VaultRE also won ‘most innovative scale-up‘ in this year’s Proptech Awards.
In a busy year for the listed company, back in February Proptech Group ‘swooped‘ on Brisbane-based web developer Website Blue after relisting on the ASX under the PTG ticker in late 2020. Prior to that, Proptech Group had been known as ‘Real Estate Investar’.
“We are excited to become a part of PropTech Group. Joining PropTech Group brings synergies that will allow us to deliver more value to our existing customers and offer our software and services to the broader market”.
Luke Paverd, Co-founder and CEO of Eagle Software
Joe Hanna, Managing Director and Group CEO of PropTech Group said he was pleased with the deal.
“Through this acquisition, PropTech Group will continue to support real estate agents and the real estate industry. The PropTech Group has a proven track record in building scalable businesses and we will seek to replicate this with Eagle Software,” he said.
The deal adds around 30% to Proptech Group’s top line and 33% on EBITDA. If the full payout is payable, then the deal is an equivalent of 4.6 times revenue and 26.1 times EBITDA.
