Joe Hanna, co-founder and CEO of PropTech Group

MRI Software, a global real estate software company, completed its acquisition of Australia-based PropTech Group in a deal worth A$93.4 million ($59.6 million U.S.).

The deal delivered shareholders A$0.60 per share, representing a 250% increase in the company’s value in the two years since it first listed on the Australian Securities Exchange in 2020 at A$0.28 per share. PropTech Group (PTG) will be delisted from the ASX.

Together, U.S.-based MRI and PTG are now the largest providers of agent CRMs, property management software and other digital real estate tools in Australia.

“The residential real estate industry is now a step closer to having a holistic operational view of consumers throughout their property lifecycle,” David Bowie, the SVP and executive MD of MRI Software in the Asia Pacific, said in a statement.

Joe Hanna, who will remain CEO of PTG, said the two companies will now work towards tighter product integration.

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

PTG first announced it had received a proposal from MRI to enter into a binding scheme implementation last October. The proposal was approved by the board before going to shareholder and regulatory approval.

“The board believes the proposal received from MRI represents a compelling opportunity for PropTech shareholders to realize a significant premium to the value of their PropTech shares via the certainty of cash consideration and in a timeframe that would not otherwise be available,” chairman Simon Baker said of the deal.

Baker is one of PTG’s largest shareholders, with a 7.5% stake in the company. He netted around A$7 million from the deal.

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