Global technology company, Mystrata, announced yesterday, 30 October 2013, that it has signed an exclusive partnership agreement with Paddocks, an online training and consultancy company for the sectional title and home owners’ association (HOA) industry in South Africa.
Under the terms of the agreement, both parties will form a joint venture to market and support Mystrata’s specialised property management software throughout South Africa.
Commenting on the deal, David Bugden, the CEO of Mystrata, said from their office in Dubai “We are excited by this partnership with Paddocks. We have been interested in the South African market for a number of years and Paddocks were always at the top of our list as preferred partners”.
Mystrata’s technology was originally developed for the Australian strata and community title market, but it is now used in over 10 countries. Leading property management firms including public companies Aldar and Emaar in Dubai use Mystrata’s technology to manage iconic real estate projects. The technology has already been customised for South African laws and terminology and will soon be integrated to the major banks in South Africa.
On this point Mr Bugden said “The exciting thing for South African property managers, trustees and unit owners is they will benefit from cutting edge cloud-based technology that is specialised for the sectional title and HOA industry. Up until now, management companies have had to develop their own solutions at significant cost or rely on unsuitable off-the-shelf accounting products that are not designed for the huge administrative requirements of running a property portfolio.”
In conjunction with the University of Cape Town, Paddocks provide online training programs to property professionals throughout South Africa, particularly in the area of sectional title and HOAs. Paddocks also publish a number of books and provide specialist consultancy advice.
Commenting on the partnership, Jennifer Paddock, the Managing Partner of Paddocks, said “Paddocks is committed to providing the highest quality products and services to the South African sectional title and HOA market. We’ve had many partnership opportunities and hundreds of requests for endorsement, but we’ve never before been willing to put the Paddocks name on another’s product. Partnering with Mystrata shows our support of, and belief in, this world-leading software and we cannot wait to offer it to the South African market.”
Unlimited Townhouses, a leading sectional title management firm in Durban is one of the first companies to sign with Mystrata. Sean Smit, EO, said “Mystrata’s technology has no comparison in South Africa. Not only is it an accounting system designed for our business, but it also has smart management and communication tools that will make our jobs easier.”
One of the products of particular interest to Mr Smit is the customer portal system Mystrata offers. “I’m looking forward to showing our trustees and owners the ‘MyCommunity’ system. Using this system my clients will be able to pay bills, view their invoices and statements, raise and track maintenance requests and much more. Our trustees will get higher levels of access and can view financial information such as the General Ledger, Budget and Balance Sheet. This level of transparency is what our clients have come to expect from us over the years since the inception of our now old online services in 2004.”
Mystrata’s head office will be in Cape Town and all local support, sales and training will be carried out by staff based in South Africa.
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