BidX1, a European digital property investment platform, has secured strategic growth investments from doValue, a Servicer in Southern Europe for loan and real estate management services, and Oliver Wyman, a global management consulting firm. Both acquire minority equity stakes in the Dublin-based PropTech company.
Oliver Wyman and doValue will join existing investor Pollen Street Capital (Pollen Street), a London-based private equity firm, and BidX1’s Founder, Stephen McCarthy, as shareholders in the Company.
Pollen Street made a strategic investment in BidX1 in 2018 to accelerate the platform’s international expansion. Both Pollen Street and McCarthy maintain majority stakes in the business. The announcement marks the beginning of another phase of strategic growth for BidX1, whose digital platform provides for end-to-end online property transactions, targeting expansion of its geographical footprint and product offering.
BidX1 currently operates across five markets – the UK, Ireland, South Africa, Spain and Cyprus – and has championed an innovative, digital-first approach to property sales, combining established real estate expertise with proprietary technology developed in Dublin. The market leader in online property transactions, the Company has sold over 10,000 properties to date, or more than EUR2.5 billion-worth of real estate.
doValue, the leading player in credit management and real estate services for banks and investors in Southern Europe, will acquire a 15 per cent equity stake in BidX1 for a EUR10 million capital injection in the Company. Listed on the Italian stock exchange, doValue is the market leader in Italy, the Iberian Peninsula (Spain and Portugal), Greece and Cyprus, with EUR160 billion of assets under management. Through this investment, doValue will enter a strategic partnership with BidX1 with the aim of supporting BidX1’s growth as an independent platform.
Meanwhile, Oliver Wyman, an international management consulting firm, will also make an equity investment in the Company, acquiring a minority stake of approximately 5 per cent. As part of the agreement, BidX1 will acquire proprietary technology developed by Oliver Wyman; an online platform for the transaction of Non-Performing Loans (NPLs). Coupled with BidX1’s existing platform for real estate transactions, this addition will expand BidX1’s offering for clients and investors, leveraging the Company’s deep domain expertise in high-value online transactions.
doValue and Oliver Wyman’s investments will help fund BidX1’s growth strategy by accelerating expansion into new markets where doValue commands a leadership position (ie Italy, Greece), providing access to new technology (ie NPLs platform) which complements the firm’s existing expertise, and supporting BidX1’s continued innovation across the real estate transaction.
Daniele Della Seta, Head of M&A and Strategic Finance at doValue, and Vicente Vázquez Bouza, Partner in Corporate Finance & Restructuring at Oliver Wyman, will both join BidX1’s board of directors.
Stephen McCarthy, BidX1’s Founder, says: “We are delighted to be partnering with doValue and Oliver Wyman. Their investment validates BidX1’s position as an innovator in the property industry and is a further recognition of the company’s potential for growth. Their expertise will be invaluable as we continue to scale our platform globally, expand our service offering and continue to improve the property transaction process for buyers and sellers.”
Daniele Della Seta, Head of M&A and Strategic Finance at doValue, says: “BidX1 will be an important pillar of doValue’s diversification strategy aimed at investing in high growth sectors with tangible cross selling opportunities with our existing core business. We have been very impressed by the quality of BidX1’s management team and we are confident that they will succeed in disrupting the way real estate transactions are carried out in Europe, positively contributing to doValue Group’s operations.”
Vicente Vázquez Bouza, Partner in Corporate Finance & Restructuring at Oliver Wyman, says: “We are looking forward to sharing our NPL technology with BidX1 and becoming a shareholder in a company with high growth potential. As NPL and property markets continue moving towards increased liquidity, the value proposition that BidX1 now offers will position it to become the pre-eminent NPL and property platform in Europe.”
James Scott, Partner at Pollen Street Capital, says: “We are thrilled that doValue and Oliver Wyman will be joining forces with BidX1 as strategic investors. As well as the deep expertise of their teams, BidX1 will also benefit from the strategic partnership with doValue and the addition of Oliver Wyman’s NPL platform, which will complement BidX1’s market leading property transaction technology.”