LATEST: OnTheMarket buys 20% share in lettings platform Teclet for £797k

first_imgHome » News » LATEST: OnTheMarket buys 20% share in lettings platform Teclet for £797k previous nextProptechLATEST: OnTheMarket buys 20% share in lettings platform Teclet for £797kOTM also has an option to buy the rest of the company for £1. 5 million at a later date and also clear Teclet’s considerable debts.Nigel Lewis23rd December 201901,768 Views OnTheMarket has made its first direct investment in a proptech company following its purchase of a 20% share in Glanty, the operator of lettings platform Teclet, for £797,000.OTM has also agreed an option to buy the remaining 80% of the company at a later date for £1.5 million and also pay off Glant’s debts of £1.4 million.The portal has also entered into an optional ‘earn out’ arrangement that could see it pay Teclet’s directors up to £12 million after three years if key performance goals are met.Teclet was launched in 2016 and automates many aspects of the lettings process to reduce overheads and maximise operational efficiencies for letting agents.It also provides online storage and 24-hour access for agents, tenants and landlords to records and documentation relating to their tenancies.Teclet also supports compliance with the regulatory requirements surrounding tenancy creation and management, providing an audit trail of transactions.OTM dealThe platform will be offered to its customers and means OTM has made its first significant move into property software provision to agents other than its own in-house developed solutions.Glanty’s revenues for the year to 31 December 2018 were £771,36, up from £6,209 in 2017. The investment being made by OTM is to fund Glanty until the summer of 2021, when it is expected to break even.The purchaser of OTM coincides with a share placing announced by OTM, which is to raise £3.4 million by issuing 4.85 million shares at 79p each, which is an 8% discount on its current share price.OnTheMarket OTM teclet December 23, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img

About the Author: admin

Leave a Reply

Your email address will not be published. Required fields are marked *