OnTheMarket plc has exercised its call option to acquire the remaining shares in prop-tech firm Glanty Ltd.

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

In a statement to the London Stock Exchange yesterday morning, Jason Tebb, CEO of OnTheMarket, confirmed that the acquisition of the remaining 80 per cent of shares will go ahead, pending the satisfaction of certain conditions, and is scheduled to conclude by 28 May 2021.

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 said: “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.”