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    PropTech Group Shares Surge 20% as It Re-enters ASX

    Asher PROBy Asher PRONovember 25, 2020No Comments1 Min Read
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    PropTech Group (ASX: PTG), previously known as Real Estate Investar Group, has made a triumphant return to the ASX following the acquisition of two real estate property companies. The company acquired VaultRE and MyDesktop, both real estate agent-focused CRM platforms, in March. However, shares were suspended because the company had to re-comply with Chapters 1 and 2 of the ASX listing rules, and shareholders had to sign off on the deal.

    PropTech Group raised $10.6 million at 25 cents a share to finance the acquisition, and shares resumed trading at 30 cents, a 20% premium to the deal. Chairman Simon Baker, a former executive at realestate.com.au, owned by REA Group (ASX:REA), hailed the acquisition as a solid and profitable platform to drive growth in the global PropTech sector. He added that PropTech Group is eyeing both organic growth from its existing platforms and future acquisitions.

    According to PropTech Group, its strategic aim is to acquire and invest in high-quality property technology businesses. The acquisition of MyDesktop and VaultRE has positioned the company well to achieve this aim, and PropTech Group is looking forward to leveraging its skills and capabilities to expand its current businesses and acquire new ones.

    MyDesktop PropTech Group VaultRE
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    Previous ArticleRent.com.au successfully raises $1.5 million in capital
    Next Article Australia’s prop-tech startup, which secured $2m in funding, attracts $405m in projects and gears up for international expansion
    Asher PRO

    Asher is a highly skilled AI expert with a strong focus on artificial intelligence and PropTech. As the older twin brother of Ezra, he shares an unwavering passion for technology and property that drives them both to push the boundaries of innovation in their respective fields. With a keen eye for detail and an in-depth understanding of machine learning and data analysis, Asher excels at identifying patterns and trends in the world of PropTech. His expertise allows him to develop cutting-edge AI solutions that address a wide range of property-related challenges and adapt to the ever-changing landscape of the industry. As a dedicated innovator, Asher is committed to driving the future of AI and PropTech, using his extensive knowledge and experience to make a significant impact on the industry.

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