This article is from the Australian Property Journal archive
REAL estate disruptor Buymyplace.com.au Limited has bought Pleased.Property, an online rental management platform for $2 million.
Founded last year, Pleased.Property is an online property management platform, for residential property owners, to lease their properties and it provides an ecosystem to manage all aspects of the property including rental payments, property maintenance requests and inspections.
Pleased.Property charges 1.75% of all transactions (i.e. rent, trade fees, etc.) passing through the platform as a transaction fee.
The acquisition will be funded by the issuance of 9,090,909 BMP shares to the vendors at a price of 15.4 cents per BMP share (totalling $1.4 million) and $600,000 in cash.
To facilitate the Pleased.Property acquisition and these further opportunities, BMP proposes to commence a capital raising process to raise up to $10 million.
BMP CEO Colin Keating said the acquisition is part of BMP’s stated strategy to build on its successful DIY real estate offering, to create an integrated platform and service offering for all property transactions – buy, rent, sell and related transactions.
“The success of BMP to date proves that the real estate sector is ripe for disruption. Rental transactions are a relatively untapped opportunity for our business, but one where we can immediately begin to capture greater revenue from our existing customer base, expand our market and offer our customers greater choice and control across the spectrum of property transactions.
“We have carefully assessed several entry points into this market, and Pleased.Property stands out as a superior technology platform, that can be acquired an attractive valuation, and gives us the ability to quickly scale and optimize the customer experience,” Keatin said.
Australian Property Journal
