Openn Negotiation Ltd (ASX:OPN) has seen a key patent for its online real estate sales system accepted in the United States.
The ASX-listed proptech, which is headquartered in Perth, Western Australia, has been told that a patent application has been given the green light in the States.
Essentially, the newly accepted patent covers the kinds of real estate sales processes enabled by the Openn platform, where agents facilitate the sale process between seller and buyer.
More broadly, the US is considered the largest real estate market in the world, valued at US$2.5 trillion per year.
“Significant milestone”
Speaking to the patent, Openn North America director and president Duncan Anderson said the hurdles to obtain patent approval for software were high.
“This is a significant milestone that rewards Openn’s pioneering work to develop transparent online offer management solutions for the real estate industry.
“It comes at a time when North American consumers are demanding transparency while realtors are demanding efficiency in offer management.
“The technology subject to this patent is at the heart of the Openn platform and is designed to address both of those demands.
“So, as the industry turns its attention to filling this current gap in the solutions market, the granting of this patent is helpful to our strategy of building partnerships with well-established complementary technology providers in the North American market.”
Broader implications
Today’s announcement is of special significance because this is the first Openn Tech-owned patent to get the green light.
Looking ahead, the approval establishes a robust legal pathway that will protect the value any of investments made by the Openn group as it develops the Openn platform.
Openn Tech has also submitted further patent applications to the United States patent and Trademark Office (USPTO) that link to and extend from the accepted patent.
It’s hoped the move will enhance Openn’s intellectual property protection as it prepares to launch in the North American market.
Shares today have been as much as 15.4% higher to A$0.15.
About Openn
Openn Negotiation is an Australian property technology company.
It’s developing a proprietary, cloud-based software platform that supports real estate agents while selling property online with greater transparency.
The Openn platform facilitates a negotiation process, featuring streamlined digital contracting and automated communication tools, which enhances a property transaction.
In turn, the solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation in a bid to better the outcome of the sale.