SYDNEY, AUSTRALIA: PropTech Group Limited has agreed to acquire Eagle Software Pty Ltd, an innovative and modern real estate CRM, website and marketing solution provider focused on independent, boutique and small multi-office real estate agencies.
Eagle Software will be acquired on a cash and debt free basis for $7.5 million in upfront cash and scrip consideration, comprising approximately $4.1 million in cash and $3.4 million in scrip, and up to an additional $7.5 million earn-out in cash based on achievement against annualised monthly recurring revenue growth hurdles assessed over the period to May 2022.
Payment of the earn-out, if any, is due following completion of the FY22 PropTech Group financial statement audit.
Eagle Software was established in 2014 to provide the real estate industry with listing management, CRM and website solutions. Currently it is used by more than 800 agency offices across Australia and New Zealand.
The acquisition of Eagle Software advances PropTech Group’s objective to own, operate and invest in high-quality property technology businesses that primarily focus on the Australian, New Zealand and United Kingdom residential and commercial real estate markets.
PropTech Group also announced equity raising of up to ~$17.5 million to fund the acquisition of Eagle Software and other growth initiatives.
Joe Hanna, the CEO and Managing Director of Proptech Group commented: “We are excited to welcome Eagle Software to the PropTech Group family. Together, we will be one of the leading real estate CRM companies in the Australian and New Zealand market, providing our clients with better functionality, more innovation and most importantly, better service and results.
The Eagle Software acquisition is an exciting opportunity for PropTech Group and delivers on our growth strategy. Eagle Software is well aligned with VaultRE, yet focuses on independent, boutique and small multi-office real estate agencies, enabling scaled entry into this sector of the market.
Acquisition solidifies our market position as a major player in Australia and New Zealand with Eagle Software adding over 800 agencies to our ecosystem. This increased scale provides opportunity for further value creation through synergies and further investment in our brand and customer experience.”
Proptech Group Ltd share price
0.84 AUD
25 Jun, 4:10 pm GMT+10 ·Disclaimer