MRI – David Bowie: MRI acquires Proptech Group

We've got a really special episode for you today. 

Some of the most popular episodes of the Proptech Podcast this year have been interviews with Simon Baker, founder of The Proptech Group and one of the founding fathers of Australian proptech, and in a later episode Joe Hanna, CEO on running an ASX listed scaling Proptech. 

Completely separately, David Bowie, CEO of MRI Software also notched up a place in the top 10 discussing his vision to make a 30 year old Proptech future forward. 

So when MRI Software announced last month that they proposed to buy the Proptech Group we figured it was very big news for listeners. 

The deal - still to be approved by regulators - is at 60c a share giving Proptech Group a value of $93.4 million and all being well, it should go through in February 2023. 

It’s been part of a bigger acquisition strategy that MRI Software have been executing over the past 12 months under David, so we wanted to get him back on the show and hear more about it because it will significantly impact the shape of the Australian proptech landscape.


  • We normally ask our guests to give us their elevator spiel. And I’m going to ask you to give us the MRI elevator pitch because I’m curious to hear if it’s changed at all since you announced the acquisition. 

  • Can you list for me all the proptechs you’ve acquired in the past 12 months?

  • You’ve just announced you’ve entered a Scheme of Implementation Deed with the publicly listed Proptech Group. Tell us about that deal. 

  • What’s driving the broader MRI acquisition strategy?

  • What’s your vision for this larger, newly enhanced MRI?

  • A few months ago, MRI announced your new Agora strategy. Are these acquisitions part of that? 

  • Does your Agora platform/strategy support a faster integration of these techs into your business?
  • MRI Software is a huge global organisation, based in the US. US businesses, with the greatest respect, have a bit of a reputation when they purchase companies of completely changing them - is that what’s planned here? 

  • Unpack the businesses in Proptech Group for me. Were there any of them that are particularly attractive to MRI? 

  • At 60c a share and $93.4 million equity value, it seems like you’re going to be getting a great deal. It’s hard to see how you could physically build that number of businesses for the price you’re acquiring at. How do you see it?

  • Proptech Group founder Simon Baker commented on this show that Proptech Group launched on the ASX as a way of supporting the real estate industry by making it easier for anyone to invest in proptech. But the share price indicated that they struggled to sell that dream. Why do you think that occurred?

  • Bringing all these businesses in is a huge undertaking. How do you see that rolling out? What can customers of those proptechs expect?

  • Anyone else on your shopping list? What’s your budget? (yeah, that’s a cheeky one!)

  • I know culture is a really important issue for you personally. How are you going to scale the MRI culture across such a big group?

  • Throw to 18 months time - what does that look like for MRI Software? Where do you see the company?

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