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.