Home auction tech player Openn beefs up partnership with property giant CoreLogic

Property sale tech providers Openn Negotiation (ASX: OPN) confirmed an expansion of its relationship with Australian property data giant CoreLogic on Tuesday. 

Back in August of 2021, Openn and CoreLogic came together to collaborate on the latter’s in-depth property research website, onthehouse.com.au (OTH). 

Openn first listed on the ASX in that same year, with a trial between the two companies announced as part of the maiden partnership in August 2021. 

That trial has now wrapped up, with CoreLogic happy with Openn’s tech offering and moving ahead to a more fleshed out partnership. 

“Our team has collaborated with Openn over the last 12 months in evaluating and integrating the Openn software into our systems. We are now ready to provide [OTH] users with a unique software solution,” CoreLogic’s product, data and analytics executive Tim Jenner said. 

What does Openn’s software do? 

Openn’s real-time data tech ultimately allows for something of a virtual option. 

The company is intending to include its transparency-oriented real-time bidding information on OTH, a website which looks users look up the price of a particular household, or look at the average prices in different areas. 

By including real-time bids on properties which are fully visible, Openn expects to boost the efficacy of online home sales by limiting opacity at the realty level. 

Openn door to OTH 

On Tuesday, the company confirmed its expansion of a collaborative agreement with CoreLogic to further embed Openn’s software in OTH.

Openn expects to see its transparent auction tech offering disseminated to over 9,000 real estate agencies in the country. The company highlighted OTH boasts 4M monthly visitors on Tuesday. 

“Since listing on the ASX in July 2021, we have articulated a pathway to achieve 5% market share in the total addressable housing market in Australia and New Zealand,” OPenn MD Peter Gibbons said. 

“This collaboration will help to deliver on this goal which will in turn, open up significant opportunities with regard to use of the unique, real-time data that Openn’s technology enables.”

Meaningful financial outcomes

No monetary values were attributed to today’s contract expansion, but Gibbons added the company expects ‘behind-the-scenes’ work across the last 18 months to result in “meaningful financial outcomes.” 

It is unclear if Openn will take a cut of each sale, or, provide its tech to CoreLogic on a Software-as-a-Service (SaaS) basis. 

Openn is also continuing to penetrate the North American market. 

Openn's one year charts. Will the expanded agreement with CoreLogic reflect a catalyst for upside?