Buymyplace.com.au Limited, a disruptor in the real estate industry, has acquired Pleased.Property for $2 million. Pleased.Property is an online platform for managing residential properties, including rental payments, property maintenance requests, and inspections. The platform charges a transaction fee of 1.75% for all transactions passing through it.
To finance the acquisition, Buymyplace.com.au Limited will issue 9,090,909 BMP shares to the vendors at a price of 15.4 cents per BMP share, which totals $1.4 million, and $600,000 in cash. The company is also planning to raise up to $10 million through a capital raising process to fund the acquisition and other opportunities.
Buymyplace.com.au Limited’s CEO, Colin Keating, stated that the acquisition aligns with the company’s strategy to build an integrated platform for all property transactions, including buying, renting, selling, and related transactions. The acquisition will help the company capture greater revenue from its existing customer base, expand its market, and offer customers greater choice and control across the spectrum of property transactions.
Keating added that Buymyplace.com.au Limited carefully assessed several entry points into the rental market and found Pleased.Property to be a superior technology platform, which can be acquired at an attractive valuation and enable the company to quickly scale and optimize the customer experience. The real estate sector is ripe for disruption, and Buymyplace.com.au Limited’s success to date proves it.
