Australia and New Zealand-focused online tradie marketplace and software-as-a-service (SaaS) provider hipages Group (ASX:HPG) has divested its 19.5% stake in PropTech Labs for $8.4 million.
Incorporating the proceeds of the divestment, hipages expects its year-end cash balance to exceed $20 million, which the company says will provide ‘significant financial flexibility’ to execute its growth strategy.
The purchasers of hipages’ shares in PropTech Labs were privately held Home Trades Hub Australia, a wholly owned subsidiary of Royal Automobile Club of Victoria (RACV) (19.49%) and Sowesu Super Fund (0.01%).
Since 1903, RACV has offered a range of products and services across motoring and mobility, home, energy, and leisure. These include Emergency Roadside Assistance, Motor Insurance, Home Insurance, Home Trades, and an increasing range of options in the cleaner energy space, such as RACV Solar.
RACV has 9 resorts across Australia and a range of domestic and international holiday packages, tours, and cruises from our trusted travel partners.
Hipages helps tradies grow their business by providing job leads from homeowners and organisations looking for qualified professionals while enabling them to optimise their businesses. According to the company, to date, more than 3 million Australians and New Zealanders have used hipages to change the way they find, hire, and manage tradies, providing more work to over 34,500 subscribed trade businesses.
Also part of the hipages Group ecosystem is Tradiecore — a workflow management software designed to ease the burden of everyday admin for tradie businesses.
Write to Adam Orlando at Mining.com.au
Images: hipages Group