Openn Negotiation (ASX:OPN) - Voluntary Administration

Openn Negotiation (ASX:OPN), a Perth-based technology company offering a cloud-based software platform to support real estate agents in selling property online with greater transparency, entered voluntary administration on 13 May.

Founded in 2016 by a property investment banker and two experienced real estate agents, the company grew quickly, with over $10 billion of property sold in Australia and New Zealand via the platform and several global partnerships forged.

Despite this growth, the company has been unable to achieve profitability and was unsuccessful in raising sufficient capital to cover its losses amid a challenging fundraising environment.

John Bumbak and Richard Tucker of KordaMentha were appointed joint administrators and will continue to trade the business while developing a plan for its recapitalisation or sale.