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A property management platform has sold its business to a well-known Australian professional financial services group, who has already made clear its serious ambition to grow its real estate footprint.
Console Group has announced the sale and transfer of ownership of PropertyIQ Pty Limited and its subsidiaries PropertyIQ Strata Pty Limited and ADL Software Pty Limited to Macquarie Bank Limited.
The sale transaction was completed in whole on 1 November and is effective immediately.
PropertyIQ Strata Pty Limited is the business behind PropertyIQ Strata, a specialist strata property management technology platform.
ADL Software Pty Limited is the company behind ADL Software (ADL Forms and ADL Inspect solutions) and is a long-established supplier of legally compliant forms and contracts for around 4,000 Australian real estate agents.
PropertyIQ and its subsidiaries were originally acquired by Console as part of a consortium formation in November 2016.
Head of Macquarie Business Banking Dean Firth said that the move was initiated by feedback from Macquarie’s stakeholders.
“We first invested in PropertyIQ Strata and ADL Software following feedback from our strata and real estate agency clients that they wanted a technology solution to bring together all aspects of their business with integrated software, data and banking,” Mr Firth said.
“Our decision to now acquire PropertyIQ and its subsidiaries demonstrates the potential of the platform and the significant opportunities we see to further support the growth and continued success of property services businesses in the future.”
CEO of Console Group Tim Molloy said that the sale is part of the group’s long-term strategy.
Mr Molloy said: “Console’s key strategic goal is to deliver outstanding integrated trust accounting solutions in the cloud, which is where we believe our future lies. As a result, we have taken the opportunity to streamline our product shelf and refocus investment.
“Macquarie Business Banking has deep industry expertise and a strong understanding of the property services sector, and we are confident that the Property IQ and ADL businesses and products will continue to thrive.”
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