OnTheMarket has completed its purchase of PropTech firm Glanty - a deal which began 15 months ago.
OTM took an initial 20 per cent stake in Glanty in December 2019. In a statement to the London Stock Exchange this morning, Jason Tebb - new chief executive of OnTheMarket - confirmed that the acquisition of the remaining 80 per cent of shares will go ahead, pending certain conditions. The deal is set to conclude by May 28.
Glanty is best known for its lettings platform teclet, a cloud-based lettings software platform.
OnTheMarket’ says that since its initial investment, revenue from sales of teclet has increased as Glanty’s customer base has continued to grow, together with the release of further new products offering efficiency savings for estate agents, including a range of API partnerships which are expected to accelerate OnTheMarket’s digital commerce strategies.
These partnerships will offer agents the opportunity to earn income by directly presenting buyers, sellers, tenants and landlords with products and services that they can purchase at appropriate points in their property journey.
Jason Tebb says: “Since I joined the business in December 2020, the team and I have built an ambitious roadmap of product and service innovations for the next 12 months. This is focused on a holistic approach to deliver rich engagement and functionality for users and provide them with more reasons to return to us regularly.
"As part of our strategy, we’ll be integrating Glanty’s products into our offering to create even better value for residential sales agents and lettings agents. By building tools and providing best-in-class software, we’ll support increased efficiencies within their businesses that will assist agents in gaining a competitive edge.”
Alan Blockley, chief executive officer of Glanty, adds: “We’re delighted that, having met Jason and after spending significant time understanding his vision for OnTheMarket’s future direction of travel, he shares our view that there is an opportunity for our software solutions, API partnerships and product providers to integrate seamlessly with the portal, which will have significant benefits to estate agents and consumers.”