International property valuation company, Opteon, has today signaled an intention to play a lead role in consolidating New Zealand’s $100 million property valuation market – with a five year strategy underway, using a mixture of organic growth, acquisitions of and partnerships with local valuation businesses.
Following the company’s acquisition of Landmass Technology in 2015, Opteon last year entered into a formal partnership with New Zealand’s largest privately owned valuation company, Sheldon & Partners Limited.
Opteon today confirms it has now acquired a substantial stake in Sheldon & Partners, this week launching both companies under the Opteon brand to become New Zealand’s largest property valuation company by revenue.
Opteon’s Director of Operations in New Zealand, Derek Smith, said: “The two investments to date represent our first steps toward creating significant scale in delivering faster and smarter solutions for clients.
“We have brought together their respective operating and management strengths to deliver clients access to more data rich and cost-efficient valuation products and services, including Opteon’s award winning Cubetec platform.
“We are now operating a very client-first philosophy that our people, clients and suppliers are responding well to. The changes have also created development opportunities for our people, and it is exciting to see a lot of careful planning coming together,” Mr Smith said.
Opteon’s Australian based Chief Executive Officer, Chris Knight, says: “We are motivated and energised to be expanding into New Zealand. We can see a number of attractive investment opportunities – our approach is to build partnerships where both culturally and professionally there is a natural fit for Opteon.
“Sheldons and Landmass are both good examples of this – they are market leaders here, and the rebrand to Opteon will strengthen our partnership moving forward.
“The strength of the New Zealand market presents a great opportunity to further develop best valuation practices across the business, enabling Opteon to diversify and grow our property services and technology revenues.
“The changes we are introducing here are also consistent with emerging dynamics within the Australian property valuation market. Our plan is to get out in front of changing client needs, and the feedback we are receiving indicates we are absolutely on the right path here,” Mr Knight says.