Openn Negotiation Ltd (ASX:OPN) has released an encouraging half-yearly update following its successful listing on the ASX in July 2021.
The Australian property technology company, which offers a proprietary cloud-based software platform to support real estate agents to sell property online, raised A$9 million at its initial public offering (IPO) through the issue of 45 million shares at A$0.20 per share.
Since then, it has enjoyed rolling 12-month growth in uploads, which is tracking at 111%, compared to the 71% annual growth rate required to meet 5% target market share set at its 2021 AGM.
North American push
During the six months since it listed, Openn has been busy setting up its US arm, Openn North America Inc. and appointing North American personnel.
It has had a patent accepted in US, which it says will create a strong legal pathway to protect investment in US market entry, and has set up a US pilot program in conjunction with broker agreements ahead of a program launch.
The company plans to introduce Openn Offers, a private treaty product with rapid training growth and uploads, and has been invited into the REACH Canada Accelerator program, with investment from the National Association of Realtors venture arm, Second Century Ventures.
During the current quarter the company will focus on growing industry relationships and formalising partnerships with existing channels to market in key regions across Canada and the USA.
Back home, the company has kicked off expansion of Australian east coast market access capabilities and partnerships with First National, RE/MAX and the Professionals.
Developing core technology
The company has continued to develop its core technology platform and establish its network of clients to increase sales throughout the period.
It has weathered a loss of $3,266,400 during the current reporting period, as a result of continued investment in developing its technology, an increase in overhead costs due to its planned move to new locations overseas and within Australia, and increasing labour costs to support the expansion program.
About the Openn platform
The Openn platform services all forms of real estate sale and is designed to allow sellers and agents to choose the method of sale that offers a best fit for their property.
Each option offers varying levels of transparency to buyers, while providing a full digital contracting and real time communication experience to all participants.
Since the company’s initial launch in 2017, the group has followed a well-established process to confirm market viability across all Australian states and in New Zealand.
That process has recognised that the platform solves a genuine market problem and proved that there is a value proposition sufficiently compelling for clients to pay for it.
About Openn Negotiation
Openn Negotiation offers a proprietary cloud-based software platform to support real estate agents to sell property online with greater transparency.
The Openn platform facilitates a negotiation process, featuring streamlined digital contracting and automated communication tools, to enhance a property transaction.
The solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation, which can result in an optimal sales outcome.