Kuala Lumpur-based cloud services company Cloudaron Group has entered into a sales purchase agreement with Australian Stock Exchange (ASX)-listed 8common for the proposed acquisition of the remaining shares of its subsidiary, realtors8, for SGD4.23 million (US$3.2 million).
realtors8 owns and operates Ubertor, a SaaS product that allows real estate agents to create personalised digital stores to list their properties for rental and sales. Ubertor’s syndication and online marketing tools enable realty companies to generate traffic, leads and manage relationships with clients.
The total sale value was S$4.7 million (US$3.55 million) which is about 2.8x the revenue. The transaction is expected to be completed by the second quarter of 2018. Upon completion, realtors8 will be a wholly-owned subsidiary of Cloudaron.
“Ubertor is well established in the Canadian market, and gives us access and reach to the North American market. The Ubertor platform also deepens our product bench to be able to deliver digital solutions to the property industry and other industries including those in the fintech space. There are also great synergies in how we can apply Cloudaron technologies to further enhance the product and geographic expansion to grow revenues,” said Cloudaron’s Managing Director CJ Ong.
Ubertor recently launched its new platform in Canada and a new offering for the US market with the inclusion of artificial intelligence (AI)-enabled chatbots for customer websites in development collaboration with Cloudaron.
“What used to be about attracting traffic to your website is now about converting traffic to sales opportunities, our AI chatbots can chat with the prospective client, and setup sales meetings in real time, all without the intervention of the real estate agent. It’s their 24×7 virtual assistant,” added Ong.
Cloudaron, listed on the Bursa Malaysia LEAP exchange, provides cloud services for the digital economy and owns and operates online businesses for clients in Asia Pacific and North America.
Singapore- and Sydney-based 8common delivers productivity and performance software tools to enterprises and professionals, globally. Its core markets are Australia and North America and its clients include government agencies, large corporates, multi-nationals and individual professionals.
8common’s other products include travel and expense management system expense8, and online surveying solutions suite platform8.
In 2014, 8common raised A$3.5 million (US$3.3 million) through its IPO listing on ASX.