- Openn Negotiation (OPN) announces the start of a US pilot program following a successful IPO
- By February 2022, the company hopes to develop a commercial rollout plan after the initial pilot will run until December
- Despite the lockdowns, the company says it continues to perform well, posting five consecutive record months of uploads to the Openn platform
- Openn Negotiation's shares are trading up 1.72 per cent at 29.5 cents per share at 2:33 pm AEST
On the back of a successful IPO, Openn Negotiation (OPN) has announced the commencement of a US pilot program.
A trial expansion into the United States is part of Openn's growth plan of scaling up its platform and technologies.
The company has advanced with the US pilot programme since publishing the prospectus, identifying the platform improvements that are necessary to satisfy the particular demands of the US market.
By February 2022 the company hopes to develop a commercial rollout plan after the initial pilot will run until December.
After raising the maximum $9 million through the issuing of 45,000,000 shares at 20 cents per share under a fully underwritten prospectus filed in May, the company was listed on the ASX last week, opining up 55 per cent higher on its first day.
Openn Negotiation managing director Peter Gibbons said he was encouraged by the level of demand in the IPO.
"We were significantly oversubscribed by institutional and retail investors which has helped us to build a strong register," he said.
Openn is a cloud-based software platform for property transactions that allows for real-time negotiation, digital contracts, and file management.
The company will concentrate on carrying out its strategic strategy for the continuing growth and expansion of the Openn platform into the North American market, which will be aided by the funds generated in the IPO.
‘Openn Offers' was distributed to chosen agents in May 2021, as promised in the prospectus.
The new product follows a typical private treaty sales procedure, but with added additions such as increased buyer transparency, faster digital contracts, and automated communication capabilities.
Openn said the trial is already yielding excellent results.
Despite the lockdowns, the company said it continues to perform well, posting five consecutive record months of uploads to the Openn platform until June 30, 2021.
There were 407 uploads in June, up from 372 in May, for a total of 1985 in 2021.
Following today's update, Openn Negotiation's shares were trading up 1.72 per cent at 29.5 cents per share at 2:33 pm AEST.