- PropTech Group re-listed on the ASX under its new name in 2020
- The company has acquired Website Blue for $1.5M in cash and shares
- Website Blue has 2,400 real estate agency clients in Australia and New Zealand
ASX-listed PropTech Group (ASX: PTG) has entered into an agreement to buy Brisbane-based real estate website business Website Blue along with Designly (a tech platform they operate) for $1.5M in cash and shares.
Formerly known as Real Estate Investar, Proptech Group re-listed on the ASX under their new name having acquired the CRM platforms MyDesktop and VaultRE in 2020.
Founded in Perth in the late 1990s, MyDesktop was the number one CRM system for real estate agents across the country before being acquired by Fairfax/Domain.
Behind Proptech Group is one of the most successful investors in property portals globally, Chair Simon Baker. Mr Baker was CEO of realestate.com.au from 2001-2008, building it up from the depths of the post dotcom crash to become a billion-dollar business and the leading property site in Australia.
He left the REA Group in 2008, and began investing in real estate portals around the world, including being Chair of iProperty, an ASX listed company with interests in property websites in Southeast Asia. iProperty was later acquired by the REA Group in 2015.
Founded in 2005, Website Blue is described as a “full-service professional web design and development agency”. The company has 2,400 real estate agency clients across Australia and New Zealand.
Website Blue’s owns and operates Designly, a technology platform that allows real estate agents to self-manage their digital marketing assets and campaigns.
“We are excited to be part of the PropTech Group,” said James Groth, managing director of Website Blue.
“This will allow us to increase our pace of innovation and deliver our quality real estate technologies to a broader range of real estate agencies in Australia, New Zealand and the UK.”
The $1.5M payment is a mix of shares and cash, and contingent on Website Blue revenues not falling below historic performance levels. The transaction should complete on 1 March.
“We are delighted to announce Website Blue as the Company’s first acquisition,” said Joe Hanna CEO and MD of PropTech Group.
“The team at Website Blue have long delivered industry-leading websites and marketing tools for agencies and agents. Strategically, this acquisition will further strengthen the PropTech Group’s position in Australia and New Zealand and enhance our offer to estate agents in the UK market.”