Property Connect (ASX:PCH) has started trading after it successfully raised A$2.5 million as part of a reverse takeover by Conquest Agri. It first traded at $0.06 per share, a 20% premium to the equity raising price of $0.05.
Property Connect has developed the LiveOffer technology, designed to create an easy, fair and transparent system under which potential tenants can make an offer on a rental property.
Property Connect Founder and CEO Timothy Manson believes that the company is well-placed to become the “industry standard platform” in the real-time leasing transaction space and says it will initially target the vast US multifamily apartment market with additional real estate sectors and markets anticipated to follow.
The LiveOffer technology provides renters with the ability to easily adjust the rent paid, move in date and lease term and assists leasing agents to secure optimal market driven terms on each property.
“We believe the platform has global application and look forward to expanding on our current offering while also monetising LiveOffer this year,” Manson said.
“Listing on the ASX is an important milestone in the company’s development and we look forward to delivering a technology platform that will allow property managers to optimise the leasing process and maximise property value.”
Manson said Version 2.0 of LiveOffer, being developed by property management software development company Apmasphere, is expected to be launched in Q2 CY2016. Apmasphere is headed by Ray White director Ben White along with tech entrepreneur Ashley Renner.
Under the partnership between Property Connect and Apmasphere, Property Connect will be granted an exclusive right to market and distribute Apmasphere’s Halo Platform to the US multifamily market. The Halo Platform is a cloud-based property management system that offers users a range of services and workflows to improve performance and collaboration with clients.
Manson says proceeds from the capital raising will go toward system development, marketing, key staff hires and working capital as Property Connect “gains traction in the US market”.