DOMAIN will acquire Real Time Agent in a deal that could be worth up to $35 million.
Real Time Agent is an Australian point of sale platform that digitises agreements, auctions and contracts.
Domain will pay an initial cash amount of $19.4 million Bidtracker Holdings Pty Ltd, owner and operator of Real Time Agent. Bonus payments of up to $15.6 million will be made over the next two years, with the full amount realised if Real Time Agent achieves 200% of its business plan targets.
The Real Time Agent digital product suite includes, Real Time Authority, an execution of the binding agreement between real estate agents and vendors; auction bids and results register Bidtracker, and Real Time Contracts, which calculates settlement dates and deposits, and sends copies of the completed contract to the agent, office, vendor, and purchaser.
Real Time Agent was started in 2016 by former real estate professionals, Angus Ferguson and Daniel Portelli.
Domain’s digital revenue improved somewhat in the September quarter in line with the recovery of the Sydney and Melbourne housing markets, down 8% compared with the same quarter one earlier, improving from the annual fall of 11% in the June quarter.
Total revenue fell 12% in the September quarter in annual terms, another improvement on the 17% fall in the June quarter.