Australian-listed property technology company, Openn Negotiation Limited (ASX:OPN) has entered into Pilot Agreement with US Multiple Listing Service (MLS) organisation, bridgeMLS, Inc., to conduct a pilot programme for the Openn platform with bridgeMLS and its members, and prepare for launch of the platform.
The agreement is through the company’s wholly owned subsidiary, Openn North America Inc. (Openn NA).
From Pacific to Atlantic coast, we now have broad exposure to diverse market environments across five concurrent pilots,” Duncan Anderson, Openn Executive Director/CTO, and Openn NA President, said.
“The North American market is delivering a clear and consistent message that the real estate industry is ready for transparency. This is our first Pilot on the USA west coast, in one of its largest property markets.
“We are thrilled by the opportunity to partner with bridgeMLS to introduce Openn Offers to the northern California and Bay Area marketplace.”
Eric Bryant, Openn NA Director of Operations, said bridgeMLS is a partner that brings great value to the table in the company’s pilot phase because of their cutting-edge attitude towards advancement of new technologies in their marketplaces.
“These types of partners are valued in the North American expansion.” DaVina Lara, CEO of bridgeMLS, Inc said, “our team is always seeking opportunities to develop a strong relationship between Agents and consumers.
“Openn provides a new opportunity to tighten that relationship through improved equality and transparency during the offer and acceptance process. Transparency is the backbone to trust and bridgeMLS looks forward to bringing the most transparent tool to our marketplace for both our agents and their clients.”
Pilot Agreement
Under the Pilot Agreement, the Pilot will operate for an initial period of up to 6 months, during which Openn NA. and bridgeMLS will test and evaluate the potential market fit and demand for the Openn platform with bridgeMLS members.
Openn and bridgeMLS will collaborate in raising awareness of the Openn platform and its attributes, including testing and obtaining feedback on the platform from real estate professionals in the Bay Area Region.
The parties will explore, through the Pilot programme, a longer-term agreement for ongoing collaboration with a view to expanding the roll out of Openn Offers to the Bay Area Region and integration into bridgeMLS’s system platforms; ConnectMLS and Paragon. Either party may terminate the Pilot Agreement at any time by giving the other party 30 days written notice.
The Pilot Agreement otherwise contains various provisions considered customary for an agreement of this nature, including warranty, liability, intellectual property, publicity and confidentiality provisions.