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The founders of rental management platform PropertyMe will step into non-executive roles after Swedish investment group EQT acquires a majority stake in the Sydney-based prop-tech company.
EQT has announced that its BPEA Mid-Market Growth Partnership, known as the MMG fund, has reached a deal to take a controlling stake in PropertyMe for an undisclosed sum.
Founded in 2013, PropertyMe is used by more than 6,000 real estate agencies across Australia and New Zealand, managing more than 1.9 million rental properties that collectively transact $40 billion annually, including $2.4 billion directly through its own MePay payments platform.
The cloud-based platform helps property managers and real estate agencies streamline their workflows, from trust accounting and compliance to maintenance tracking and tenant communications.
EQT was attracted to PropertyMe as a standout in the space for its AI and automation functionality, including its AI assistant AiMe, integrated payments platform MePay, and a recently launched customer relationship management (CRM) offering.
"PropertyMe is a standout company in the PropTech space, and we have been consistently impressed by its innovative platform and strong market position," says Nicholas Macksey, pPartner in the EQT Private Capital Asia advisory team and head of mid-market growth strategy.
"The company's mission-critical software has become vital for thousands of property managers, and it aligns perfectly with EQT's thematic focus on supporting technology-driven solutions for essential industries.
"We see significant opportunities to help PropertyMe scale its platform, introduce new services, and expand into additional markets."
As part of this transaction PropertyMe's founders will move into board roles in early 2026, continuing to support the company as long-term shareholders and strategic advisors. Former Oracle and Dayforce exec Brian Donn will take the reins as the company's new CEO in January.
PropertyMe co-founder Jason Tait says the company's mission has always been to modernise property management and empower real estate professionals with best-in-class software.
"We're excited to embark on this next chapter with EQT as our partner. EQT brings deep experience in supporting high-growth technology companies globally, and their investment and expertise will help us fast-track product development and enter new markets," Tait says.
"After 12 years leading the business and as we look to the next chapter, the founders felt this was the right moment to transition into Board and advisory roles while remaining deeply committed as long-term shareholders.
"We're excited to welcome Brian as CEO, he brings significant experience in scaling SaaS businesses, and I'm confident he will lead PropertyMe into a new era of growth and innovation."
Donn says the founders have built a leading platform with a best-in-class product that is "deeply valued by a diverse customer community".
"I see significant potential to build on this strong foundation & drive growth in both local and global markets. With EQT's backing and the highly talented team at PropertyMe, we are ready to accelerate our innovation roadmap, further elevate the customer experience, and set a new benchmark for the PropTech industry," says the incoming CEO.
"The opportunity ahead for the company is substantial, and I look forward to building a workplace that attracts, develops and retains exceptional talent."
The transaction marks EQT Private Capital Asia's third platform software investment in Australia and the second Australian investment under the MMG fund.
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