Australia’s leading property maintenance group, Bricks + Agent, has acquired its primary competitor, Maintenance Manager, in a deal that adds RACV and IAG Insurance (ASX: IAG) to the company’s shareholder list.
The acquisition solidifies Bricks + Agent’s position as the dominant force in Australia and New Zealand, bolstering its presence in the $21 billion property management market.
Maintenance Manager, a pioneering software platform in the property management sphere, was purchased from Home Trades Hub Australia (HTHA), a company established by RACV and IAG nearly three years ago.
While the financial specifics of the acquisition remain undisclosed, HTHA has become a Bricks + Agent shareholder following the transaction. Additionally, Garry Mulvay, HTHA’s CEO, has secured a spot on the Bricks + Agent board.
With over 800,000 users and 30,000 tradespeople on its platform, Bricks + Agent plans to migrate Maintenance Manager customers from the HTHA platform to its own.
Bricks + Agent’s existing clientele includes prominent property entities such as JLL, Harry Triguboff’s Meriton Group, and Paul Little’s Little Real Estate.
Bricks + Agent co-founder Rafael Niesten says both platforms naturally complement each other and share the goal of facilitating smoother maintenance transactions for all stakeholders.
Niesten believes the acquisition comes at the right time, as Bricks + Agent has been monitoring its competition, including Maintenance Manager, since its inception six years ago.
The company’s growth trajectory prompted hipages Group to invest in Bricks + Agent at the end of 2021, fueling further expansion.
HTHA was founded by RACV and IAG in August 2020 to provide comprehensive home services solutions to the Australian and New Zealand markets. In March 2021, the company acquired the Property Safe and Maintenance Manager platforms.
Bricks + Agent excels at delivering insights that enhance decision-making for users such as property managers, homeowners, tradespeople, and tenants. The acquisition is expected to broaden the data landscape for its clients and accelerate the platform’s deployment to a larger market segment.
Mulvay views this acquisition as a rapid means to execute their strategy by expanding in the real estate and social housing maintenance sectors while continuing to grow their established inspections business.
He emphasizes that Bricks + Agent’s impressive technology, growth, and industry impact make them the ideal choice for this acquisition. The company is known for enabling property managers to provide clients with peace of mind while helping tradespeople access a steady flow of work and streamlining operations and workflow.