Alloggio Group Limited (ASX:ALO) executed a binding agreement to acquire Best of Magnetic for approximately AUD 3 million on February 8, 2022. Alloggio will fund the acquisition from existing cash reserves incorporating the funds raised in its IPO in November 2021. Daily operations of Best of Magnetic will continue to be overseen by the existing management team supported by Alloggio's centralised marketing, distribution and finance teams. The holiday properties will be integrated onto Alloggio's proprietary cloud-based technology platform which provides an end-to-end management solution for holiday property owners.

For the 12 months ended 31 December 2021, Best of Magnetic generated gross booking value of AUD 6.5 million and AUD 1.5 million annual gross revenue despite being impacted by Queensland border closures.