Dwelly, an artificial intelligence (AI) enabled letting and property management marketplace, has expanded its portfolio by 1,000 properties after completing the acquisition of Lime Property, an estate and letting agency in Hull.

Dwelly aims to make an entrance into the market via a targeted buyout strategy and the integration of AI services. This integration automates business processes, transforming traditional agencies into tech-enabled digital lettings platforms within two months.

Additionally, it wants to help landlords find tenants in just a single day, whilst ensuring agencies remain compliant with minimal human intervention.

Key Lime stakeholders are remaining on board with the new venture.

Ilya Drozdov, CEO and co-founder of Dwelly, said: “In the past three years, the UK real estate market has experienced numerous M&A deals, with over 20,000 agencies operating.

“Traditionally dominated by international giants and private equity firms lacking in technical expertise, these deals have often struggled with digital transformation.

“Dwelly aims to bridge this gap by using advanced technology to boost operational efficiency and drive innovation in the sector.”

Lime Property, launched a decade ago, has a revenue of £1.2m and employs 15 people.

Sam Humphreys, managing director of Lime Property and shareholder at Dwelly, added: “With over 20 years of experience in the real estate industry and having worked with Lime from its inception, I recognise that the sector is poised for the implementation of new strategies.

“Our team is committed to expanding the Dwelly marketplace’s network by leveraging AI solutions and automating business processes, thereby enhancing the experience for both landlords and tenants.”