ASX-listed property technology company Openn Negotiation has appointed administrators from KordaMentha, citing challenges with raising funds to continue operating.
The Claremont-based company voluntarily appointed Richard Tucker and John Bumbak from KordaMentha to the company and its subsidiaries today.
Openn told the market the voluntary administration could be largely attributed to its failure to raise adequate funds to continue operating.
The Perth proptech facilitates real-time negotiations and communication in property transactions. It was founded by technology developer Peter Gibbons and WA real estate agents Peter Clements and Brad Glover in 2016, after later listed on the ASX in 2021.
It had partnerships with the likes of Corelogic and just last week announced its intention to buy Proffer Group, which was expected to boost its existing technology in digital property sales.
“The Openn directors are of the opinion that the company should be placed into voluntary administration to maximise the chance of continuing in existence, or if that is not possible, that a voluntary administration will result in a better return for the creditors and members of the company than would result from an immediate winding up of…