PropTech Group has announced an agreement to acquire Eagle Software, a Melbourne-based firm that offers listing management, website solutions, and customer relationship management (CRM) services to the real estate industry. The acquisition includes a payment of $4.1 million in cash and $3.4 million in scrip as part of a wider equity raising worth $17.5 million, which will also fund other growth initiatives.
PropTech Group’s existing franchise-focused VaultRE platform will be complemented by the acquisition of Eagle Software, and the move will increase PropTech Group’s market share in the Australian and New Zealand CRM market from 31% to 38%. PropTech Group’s CEO, Joe Hanna, said that the acquisition was well-aligned with the company’s growth strategy and would enable scaled entry into the independent, boutique, and small multi-office real estate agency market.
Hanna added that the acquisition would create one of the leading real estate CRM companies in the Australian and New Zealand market, offering better functionality, innovation, and service to clients. The acquisition of Eagle Software will add over 800 agencies to PropTech Group’s ecosystem, providing opportunities for further value creation through synergies and investments in the brand and customer experience.
