- Axiom Properties (AXI) enters a subscription agreement to purchase a cornerstone investment in PointData, an artificial intelligence property data and analytics company
- AXI will invest $4 million over two equal tranches, with the first payment due by the end of this week and the second by the end of 2023, subject to PointData shareholder approval
- This will be funded by the company’s existing cash reserves and receivables and it will earn it a seat on PointData’s board
- PointData gives users insight into property valuations as well as analytics on development potential
- Shares close 1.82 per cent lower at 5.4 cents each
Axiom Properties (AXI) has entered a subscription agreement to purchase a cornerstone investment in PointData, an artificial intelligence property data and analytics company.
AXI will invest $4 million over two equal tranches, with the first payment due by the end of this week and the second by the end of 2023, subject to PointData shareholder approval.
This will be funded by the company’s existing cash reserves and receivables and it will earn it a seat on PointData’s board.
PointData gives users insight into property valuations, as well as analytics on development potential.
The move follows Axiom’s strategic review, which determined it would be “prudent” to investigate additional active investment opportunities.
Managing Director Ben Laurance said the investment in PointsData fits with the company’s vision under the strategic review.
“It’s a key investment in a future key player in the wider property technology ecosystem, and one that we believe is capable of delivering exceptional returns,” he said.
“As one of the few companies in the market that generate their own data and analytics capabilities, PointData is uniquely positioned to provide optimised data and analytics to help solve complex issues facing the sector at large”.
Shares closed 1.82 per cent lower at 5.4 cents each.