- PropTech Group (PTG) has agreed to purchase Eagle Software for $7.5 million
- Eagle Software is a real estate customer relationship management, website and marketing solution provider
- To pay for the purchase, PTG has raised around $17.5 million through a placement and entitlement offer
- The placement and entitlement included shares offered at 72 cents each, a 13.8 per cent discount to the previously traded price
- Following the completion of the placement, PTG shares have resumed trading and are 4.61 per cent up at 79.5 cents at 2:39 pm AEST on Wednesday
PropTech Group (PTG) has agreed to purchase Eagle Software for $7.5 million.
Eagle Software is a real estate customer relationship management (CRM), website and marketing solution provider.
Under the agreement, the payment will include $4.1 million in cash and $3.4 million in scrip.
The agreement will further improve the PropTech’s real estate CRM capabilities of and increase its estimated market share to around 38 per cent in Australia and New Zealand.
To pay for the purchase, PTG has raised around $17.5 million through a placement and entitlement offer.
The placement offered shares for 72 cents each to investors, which raised $7.1 million. This price was a 13.8 per cent discount to the previously traded price.
The entitlement offer allowed eligible shareholders one new share for every 8.57 shares they owned at the same price as the placement.
PropTech entered a trading halt on Monday. Following the completion of the placement on Tuesday, PTG shares resumed trading and were 4.61 per cent up at 79.5 cents at 2:39 pm AEST on Wednesday.