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Tecnitasa acquires 20% of the startup Veltis to boost the real estate rating

Date: October 1, 2023 Time: 17:49:48

The second largest real estate group in Spain, Tecnitasa, has taken out a checkbook and takes over 20% of the deep technology startup (known as ‘deeptech’) related to the property sector, Veltis. The purpose of the movement is to develop and enhance real estate ratings and deliver better service and opportunities to customers. Although the economic data of the operation is unknown, Tecnitasa has commented that this alliance has been carried out in line with its four-year planning. Its goal is to grow by 25% and exceed 50 million euros in turnover in 2026.

Veltis is a company specialized in the identification of real estate risk indicators (KPIs) that provide transparency and knowledge to those who wish to make an investment. The closed alliance will allow the financial, environmental and socioeconomic data of the startup to be joined with the quality data of the Tecnitasa Group. As the CEO of Veltis, Ricardo Antuña, has commented to La Información, this deal is essential for the growth of the company: “Tecnitasa establishes the values ​​and we the level of risk, in such a way that we provide transparency to the sector”, he indicates.

The company and the remaining 80% of the proptech will continue to operate independently and manage its more than 4,300 million pieces of data that will make it easier for both companies to attract more clients: “We replicate the financial model to the real estate model, we analyze all the data we want and we will find it qualifications We will deliver all the necessary data for those who wish to make an investment”, comments the executive director. Together with them they want to create joint quality data services and innovative products based on technology and Artificial Intelligence (AI). The 20% operation is a first tranche until 2024, with the possibility of increasing from that date.

On the other hand, Tecnitasa has made a presentation where they have made known their steps to follow for the coming years in which they will be based on different pillars to achieve their objectives for 2026. the diversification of their services, continue to grow in linked segments to technology, innovation and data (one of the reasons why they have decided to buy Veltis), and finally they have decided to continue with their commitment to digitization and continuous improvement.

The company has highlighted its inorganic growth with the merger and purchase of companies related to the sector. Today the group is made up of different Spanish companies such as Tasa, an Andalusian company and former Unicaja, and Servatas from the Basque Country (it was owned by Kutxabank). In order to grow internationally and cross the pond, they have decided to acquire the Mexican company Tasvaluo. They are also present in Portugal and Colombia, and have more than 50 offices nationwide. From now on they will continue to base their development on a growth strategy in both organic and inorganic value.

In 2021 Tecnitasa reached all-time highs for the company, achieving a turnover of 40.85 million euros. 2022, due to uncertainty in the markets, it dropped to 40.17 million euros. “The year started very well, but during the second half of the year the purchase and sale operations were greatly affected by the interest rate increases”, comments the General Director of the Group, José Antonio Muro. Still, they will rate their revenue as a positive number that they expect to keep trending.

Regarding the real estate sector this year, Muro said that “it is a year where we will have many challenges and our idea is that despite the crisis and the decline in the sector, we can maintain our turnover.” His expectations are to grow 25% in the next four years and exceed 50 million in turnover by 2026, leaving as a fixed objective that at least 20 or 25% of these profits come from the Group companies.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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