Munich SaaS firm Propertybase bought out by Boston Logic

German SaaS (Software-as-a-service) firm Propertybase has been bought out by US software company Boston Logic Inc. for an undisclosed sum in the first acquisition for the American firm.

The Munich-based company provides CRM and marketing software for the real estate sector and has offices in the US (with US headquarters in Boulder, Colorado) and Australia along with clients in 60 countries. Boston Logic provides online marketing tools for real estate.

“The Propertybase team has built an impressive product and a global business,” said David Friedman, CEO of Boston Logic. “The platform has numerous CRM and marketing features tailored for real estate, and their seamless integration with Salesforce presents opportunities for its users that cannot be matched by other products.”

Propertybase will retain its 48 employees and management team. It has raised investment from VCs and angels including Neuhaus Partners, High-Tech Gründerfonds, Bayern Kapital, BayBG Baerische Beteiligungsgesellschaft, Alexander Brühl, and Christoph Janz. The acquisition will help further develop the company’s international growth, said Matthias Grychta, managing partner at Neuhaus Partners.

Michael Wenglein, the managing director and founder of Propertybase, said that combing the two companies resources will help spur innovation, which will benefit the real estate industry. Fellow founder and joint managing director Max-Michael Mayer commented, "The new partnership will serve as a first step in redefining the real estate technology landscape, adding new value to clients and partners. By teaming up, we expect to gain significant momentum to leap ahead in the market on a number of levels."

“Through the acquisition, the company can build on its leading position in the market for cloud-based CRM and marketing solutions in the real-estate industry, significantly increase its market penetration and expand its network around the world,” added Markus Kreßmann, investment director at High-Tech Gründerfonds.