OnTheMarket now owns PropTech firm Glanty outright.
Glanty is best known for its lettings platform teclet, a cloud-based lettings software service.
Glanty's revenues grew by 76 per cent in 2020 to £876,000. A statement from OnTheMarket says it expects the PropTech firm may require some limited investment in the immediate short term, as it seeks to further develop its products and services.
OTM took an initial 20 per cent stake in Glanty in December 2019 but Jason Tebb - new chief executive of OnTheMarket - says the acquisition of the remaining 80 per cent of shares will go ahead in a deal set to conclude by May 28.
OnTheMarket’ says that since its initial investment, revenue from sales of teclet has increased as Glanty’s customer base has continued to grow, together with the release of further new products offering efficiency savings for estate agents, including a range of API partnerships which are expected to accelerate OnTheMarket’s digital commerce strategies.
These partnerships will offer agents the opportunity to earn income by directly presenting buyers, sellers, tenants and landlords with products and services that they can purchase at appropriate points in their property journey.
Jason Tebb says: “Since I joined the business in December 2020, the team and I have built an ambitious roadmap of product and service innovations for the next 12 months. This is focused on a holistic approach to deliver rich engagement and functionality for users and provide them with more reasons to return to us regularly.
"As part of our strategy, we’ll be integrating Glanty’s products into our offering to create even better value for residential sales agents and lettings agents. By building tools and providing best-in-class software, we’ll support increased efficiencies within their businesses that will assist agents in gaining a competitive edge.”