- Under a recent letter of intent, PropTech Group (PTG) could become the sole provider of customer relationship management software become to Australian real estate mainstay Harcourts
- Under the proposed agreement, PropTech would take ownership of H1 and incorporate its VaultRE software
- The parties have agreed to announce the possible transaction to allow Harcourts to work with key stakeholders before finalising binding agreements
- The proposed partnership will see the HarcourtsOne (H1) CEM replaced with VaultRE
- On the market, PropTech is up 17.7 per cent and is trading at 50 cents per share
Under a recent letter of intent, PropTech Group (PTG) could become the sole provider of customer relationship management software to real estate mainstay Harcourts.
Harcourt’s is the largest real estate group in New Zealand and one of Australia’s fastest-growing groups. It has over 900 offices in nine countries.
In 1998, Harcourts launched their proprietary software platform — HarcourtsOne (H1).
The letter of intent is non-binding and subject to due diligence and other conditions. The parties have agreed to announce the possible transaction to allow Harcourts to work with key stakeholders before finalising binding agreements.
Under the proposed agreement, PropTech would take ownership of H1 and incorporate its VaultRE software. This will include receiving all associated revenues and continuing to provide operational support.
“The proposed partnership with PropTech Group to replace H1 CRM components with VaultRE continues Harcourts’ long-standing commitment to industry leading innovation and best of breed technologies,” Harcourts International CEO Steve Caradoc-Davies said.
PropTech CEO Joe Hanna said it was a great honour to be given the opportunity to partner with Harcourts.
“The PropTech Group’s mission is to streamline inefficient workflows in high-performing real estate agencies by investing in product improvement, rapid innovation, and AI solutions,” he said.
“We look forward to bringing our market-leading tools to the Harcourts’ network to migrate their 600 plus offices in New Zealand and Australia to the VaultRE platform,” he added.
On the market, PropTech is up 17.7 per cent and is trading at 50 cents per share at 1:40 pm AEDT.