Data arm makes its first strategic investment
PEXA (ASX:PXA), operator of the world’s first digital property exchange platform, has augmented its property data and analytics capability with PEXA Insights committing to a 38% stake in fellow proptech Landchecker, marking its data arm’s first ever strategic investment.
With it, PEXA Insights aims to enrich the real-time property data it has unlocked for the industry, generating better value for consumers and stakeholders by supporting the creation of new products and enhanced services.
Founded in 2015, Landchecker has since enjoyed a tremendous growth trajectory, with its subscriber base doubling in the past year. The homegrown company identifies itself as an all-in-one source of property information that aims to empower professionals and consumers by providing up-to-date and streamlined information about properties or areas they may want to live or invest in.
This includes information about planning restrictions, nearby planning permit applications, approximate land dimensions and boundaries, and sales history and comparable sales.
Landchecker’s data is provided by hundreds of trusted sources – including state government and local councils – and is monitored and refreshed daily.
“The PEXA Insights team is driven to provide a richer service offering to governments, industry, and Australian consumers, and we believe that the synergies between [it and Landchecker] will enhance our position as the trusted resource for robust, real-time property data,” PEXA chief data and analytics officer Scott Butterworth said.
The investment was made alongside RACV, which will hold 51% equity interest. The remaining interests in Landchecker will continue to be held by the original founders and CEO.
“The founders, Adam and the entire Landchecker team, are all very excited about this transaction with PEXA and RACV. Working alongside these successful organisations will ensure Landchecker continues to successfully develop its offerings in pursuit of its aim to become the most current and accurate property information business, trusted by businesses and consumers for property insights and data-driven decision-making,” said Landchecker founder and director Will Leaf.
The full transaction is expected to be completed later this month.
