British property company Allsop has been bought out of its Irish joint venture by its partner Space Property Group (SPG) - which will now rebrand the company as BidX1.
Allsop Ireland was established in 2011 and quickly came into the spotlight for its distressed property auctions.
It has sold around €1.1 billion worth of property in the past six years, with many of its more recent auctions being held online.
After the multi-million euro buyout, SPG is hoping to build on the technology underneath those online auctions through an expansion of its new BidX1 brand.
BidX1 uses innovative 'PropTech' that revolutionises the auction sales process, allowing customers to bid transparently for a property online and rapidly speeding up the selling process.
The technology integrates the entire selling process, from marketing to contracts exchanged.
The company aims to host Europe’s biggest ever online property auction over tow days at the end of September featuring around 350 residential and commercial properties.
BidX1 is targeting significant international expansion and will hold two UK online property auctions before the end of 2017.
