In a deal worth $6.25 million, hipages Group Holdings, the company responsible for the hipages tradie marketplace, has acquired a 25% stake in Bricks + Agent, a property maintenance platform provider. Bricks + Agent, founded in 2016 by Rafael Niesten and Jon Stul, aims to simplify the property maintenance process, boasting 360,000 users, almost 500,000 managed properties, and 21,000 tradies on its platform. The company also has strategic partnerships with top Australian property management software providers including MRI, Property Tree, and PropertyMe, as well as property management agency clients. hipages Group CEO and co-founder Roby Sharon-Zipser expressed admiration for Bricks + Agent’s progress, stating that he had been following the company’s growth for several years and was impressed by their market-leading technology solution that simplifies property management.
Hipages Group Holdings has expressed excitement about its acquisition of a 25% stake in Bricks + Agent, stating that the two companies share a similar culture and the move aligns with hipages’ strategy to expand into adjacent markets. The $21 billion property management total available market (TAM) presents a significant opportunity for both companies. Hipages’ CEO and co-founder, Roby Sharon-Zipser, said that the partnership with another founder-led company would help achieve ambitious goals together. Meanwhile, Bricks + Agent’s CEO and co-founder, Rafael Niesten, expressed enthusiasm for leveraging hipages’ expertise to accelerate the company’s growth plans, including international expansion. The deal is expected to provide Bricks + Agent with the capital it needs to move forward with these plans, while also offering opportunities for cross-selling and lead generation. The investment will be funded from hipages’ cash reserves, and its CFO and COO Melissa Fahey will join the Bricks + Agent board.