EQS-News

SGT German Private Equity: VC investment AuctionTech focuses on Artificial Intelligence

EQS-News: SGT German Private Equity GmbH & Co. KGaA / Key word(s): Strategic Company Decision SGT German Private Equity: VC investment AuctionTech focuses on Artificial Intelligence 22.03.2024 / 14:02 CET/CEST The issuer is solely responsible for the content of this announcement. +++ Press release +++

SGT German Private Equity: VC investment AuctionTech focuses on
Artificial Intelligence
 

• PropNow is the leading platform for digital offer processes for real estate sales in
  Europe
• More than 6,000 offer procedures with a transaction volume of over 2 billion EUR already completed
• Active in 10 European countries

Frankfurt/Main, 22 March 2024 – AuctionTech, a Berlin-based software provider for dynamic market pricing solutions of real estate and operator of PropNow.com, the leading platform for digital bidding/offer processes in the real estate sector, will increasingly focus on artificial intelligence (AI) for further development and international growth. PropNow is the market leader in Europe with its platform for digital management of purchase offers and bidding processes. The platform offers a SaaS-based solution that is primarily used by professional real estate agents. To date, over 6,000 offer processes with a transaction volume of around 2 billion euros have been successfully completed via PropNow with over 100,000 participating prospect buyers. With PropNow, real estate agents and professional sellers not only achieve faster sales results and higher sales prices, especially in the current market situation, but also greater customer satisfaction thanks to a transparent and convenient process flow.

For the further development of PropNow, CEO Jan Thiel sees enormous potential with the integration of AI: "AI will play an important role not only in the automation of offer processes, but above all in the targeted analysis of the property and the selection of the optimal parameters of the offer process, as well as better pre-qualification of prospective buyers. We will also use AI-based tools and technologies in the support area and in the implementation of customer-specific solutions. This will enable us to achieve even better sales results for our customers, implement new solutions and functionalities more efficiently and accelerate the development of new markets. PropNow is already present in 10 European countries and offers its digital offer platform in 7 languages. As a white-label software solution, PropNow is the technology platform behind almost all major German-speaking real estate networks and also works very closely with the world's largest brokerage firms in the field of "digital bidding".