Nicholson Ryan Lawyers Advises Proptech Group Limited on the acquisition by MRI Software LLC

Nicholson Ryan Lawyers (NRL) is pleased to have advised PropTech Group Limited (ASX:PTG) (PropTech Group) on the successful acquisition of PropTech Group by MRI Software LLC (MRI) by way of scheme of arrangement.

Under the transaction, a wholly owned subsidiary of the US-based MRI Group acquired all of the shares in PropTech Group for $0.60 per share, valuing PropTech Group at AU$93.4 million. The transaction was announced on 31 October 2022 and completed on 22 February 2023.

PropTech Group is an Australia-based online real estate software technology business that owns, operates and invests in leading property technology software-as-a-service businesses in Australia, New Zealand and the UK. Approximately 43% of Australia and New Zealand real estate agencies use at least one of PropTech Group’s products.

MRI is a global property technology leader, providing real estate software solutions for commercial, residential, and social housing. MRI is privately-held and Ohio-based, with offices in the United States, Canada, Australia, New Zealand, Hong Kong, Singapore, South Africa, and the United Kingdom. MRI has been a trailblazer in the property technology industry for over 50 years and today serves more than two million users worldwide.

The Nicholson Ryan team was led by director Lee Mitchell, supported by senior associates Gerard Maxted, Veroshan Sripragasan and lawyer Tom Walsh.

Commenting on the deal, Lee Mitchell said:

“We’ve always been delighted to support PropTech Group throughout the different stages of its growth and development and we’re thrilled to have advised on this milestone transaction, which will bring together two leading property technology businesses and enable PropTech Group to realise funds for its shareholders. The acquisition is a credit to PropTech Group’s strong performance and reputation in the proptech space.”

NRL also advised PropTech Group on its IPO and ASX recompliance listing in December 2020.