With a pipeline of 4.8 million private property sales per annum able to be tapped into, it’s “the perfect time” for Openn Negotiation to make a move on the US market.
In a statement to the ASX, Openn Negotiation has provided an update on the progress of its US pilot program.
This has seen the company incorporate a USA company to run the states-based operations, which has been named “Openn USA Inc”.
According to Openn Negotiation managing director, Peter Gibbons, “the US offers a market opportunity of approximately 4.8 million private residential property sales per annum. The scale of market size, combined with the interest we’ve been receiving for Openn generally, makes it the perfect time to build our US presence and capabilities.”
He outlined: “The gap analysis and initial value proposition phase of the pilot program is complete, the technical work currently underway now is focused on preparing the legal framework, product features and user training for first production transactions under pilot conditions in calendar Q4.”
As a result, the current plan is to launch the commercial release of Openn into the US market within first half of 2022, the managing director indicated.
Heading up the new incorporated business will be a brand-new director of operations, Eric Bryant, who commences in the role on 9 September, 2021.
Mr Bryant’s appointment will be “key” to support the roll-out of the USA pilot program and the development of the market strategy over in the United States.
According to the statement, to maintain consistency with USA conventions, Mr Bryant’s role will be a senior position with budget authority – although is not a board appointment.
Openn Negotiation has commended his 25 years of professional experience, with a strong focus on real estate services, strategy, and technology.
Having previously led a national real estate technology consultancy, Mr Bryant joins Openn Negotiation from his current role as national accounts director at First American Data & Analytics.
Mr Gibbons commented: “Eric’s strong skill set and vast experience in the US market brings immense value to our American expansion program and to Openn as a whole as we continue to pursue our strategic objectives.”
Openn Negotiation has also announced the appointment of Duncan Anderson to the role of president director for the Openn USA Inc board.
The current executive director and chief technology officer at Openn Negotiation, Mr Anderson will take on the president director role in addition to his current roles and responsibilities.
He’s joined the Openn USA Inc board by Openn Negotiation directors Peter Gibbons and Darren Bromley.
Of Mr Anderson’s new role, Mr Gibbons said “Duncan has exceptional technical experience, 12 years in tech start-up leadership and corporate roles in the USA, and a deep understanding of the Openn platform and corporate strategy.”
“This makes his expanded role the perfect complement to Eric’s appointment and we look forward to the combined capacity they bring to the Company’s USA expansion,” the managing director stated.
Openn USA Inc is a limited liability corporation registered in the State of Delaware. REB previously reported on Openn Negotiation’s intent to expand into the United States when the proptech company first listed on the ASX.