Openn Negotiation expands into North American with Boston real estate deal

Property tech player Openn Negotiation has signed a subscription-based Software as a Service (SaaS) agreement with Boston-based real estate group RE/MAX Revolution for its novel software solution.

RE/MAX Revolution is a family-owned Massachusetts based agency with a demonstrated willingness to adopt innovative PropTech solutions – it was one of the first US groups to enter into a pilot program with Openn (ASX:OPN) to test Openn’s ability to address property transaction transparency.

And more recently RE/MAX Revolution became the first North American real estate agency to go-live with property listings using Openn in October.

Stepping stone into North American market

The 12-month deal is Openn’s first enduring revenue generating agreement in North America.

“RE/MAX were an early adopter of our technology as pilot participants and also listed the first properties using the Openn platform in North America, so it’s fitting that they should share this milestone with the Openn North America team,” Openn North America President Duncan Anderson says.

“This deal demonstrates to our shareholders that the pathway from pilot programs through to an enduring, user- based SaaS revenue model is achievable and we look forward to advancing our ongoing pilots with our North American partners through to similar commercial outcomes.”

The company is also progressing well with pilots with other North American real estate organisations such as the Canadian Real Estate Association (CREA) and several Multiple Listing Service (MLS) organisations with a view to progressing these partnerships towards SaaS Agreements similar to the deal announced with RE/MAX Revolution.

This article was developed in collaboration with Openn Negotiation Limited, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.