OnTheMarket plc (OTM) has completed the acquisition of Glanty Ltd, after exercising its option to purchase the remaining 80% shares in PropTech firm.

OTM took an initial 20% stake in Glanty in December 2019. The company is best known for teclet, the cloud-based lettings software platform portal.

The initial consideration of £1,533,477 required to be paid by OnTheMarket under the share purchase agreement is being satisfied by way of the issue of 1,528,832 ordinary shares of 0.2 pence each in the capital of OnTheMarket in aggregate (the “Consideration Shares”) and a cash payment of £156,000.

OnTheMarket also paid £1,355,317 in cash in respect of the settlement of shareholder and certain third party debt in Glanty at completion.

The Consideration Shares are subject to lock-in arrangements which restrict their sale save in limited circumstances.

A total of 474,194 Consideration Shares are locked-in for three years post-completion and 1,054,638 Consideration Shares are locked-in for four years post-completion, relating to certain sellers actively involved in the business.

All Consideration Shares are subject to orderly market arrangements for a further 12 months after the above initial lock-in periods have expired.

In a statement to the London Stock Exchange in March, Jason Tebb, CEO of OnTheMarket, confirmed that the acquisition of the remaining 80% of shares would go ahead, pending the satisfaction of certain conditions.

Tebb said: “Since I joined the business in December 2020, the team and I have built an ambitious roadmap of product and service innovations for the next 12 months. This is focused on a holistic approach to deliver rich engagement and functionality for users and provide them with more reasons to return to us regularly.”

Alan Blockley, chief executive officer of Glanty Ltd, commented: “We’re delighted that, having met Jason and after spending significant time understanding his vision for OnTheMarket’s future direction of travel, he shares our view that there is an opportunity for our software solutions, API partnerships and product providers to integrate seamlessly with the portal, which will have significant benefits to estate agents and consumers.”