SOFTWARE: Canada rollout for Irvine’s Openn North America

Irvine-based real estate software company Openn North America Inc. is kicking off its pilot program in Canada that aims to provide greater transparency for real estate agents and clients during the transaction process.

Ontario and Manitoba are the two remaining Canadian provinces without regulatory frameworks for auctioneers, according to officials of the property tech firm. That allows auctioneers to sell property without a license or experience, making homebuyers vulnerable to fraudulent offers.

“Real estate is a rapidly expanding and evolving industry that requires greater transparency, equality and efficiency,” Openn NA Director of Operations Eric Bryant said in a statement. “We are seeing auction companies across Canada emerge and in provinces, such as Ontario, there continue to be regulatory loopholes in the property auction process that pose consumer risks.”

The company last month said it expects to secure $5 million through a funding round from its Australian parent company, Open Negotiation Ltd., which is publicly traded overseas and valued around $30 million.