Reapit and PayProp are joining forces to deliver greater value and innovation to real estate and letting agents across a number of countries.
The merger between the two property technology solution providers is backed by a substantial investment from technology-focused private equity firm, Accel-KKR.
The move offers customers of both companies the opportunity to have a single provider that delivers capabilities across sales, letting, property management, client account management, and secure, automated disbursement of payments to the appropriate stakeholders.
Mark Armstrong, CEO of Reapit, commented: “Our two companies are both highly oriented around service and customer success. Our combined path is clear: to lead and drive digital transformation of the property sector, which is a huge asset class.”
“We could not be more excited about the technology, customers and employees that PayProp brings to the combined entity,” Armstrong added. “PayProp has a loyal customer base that benefits from efficient and secure payment, reconciliation and settlement. Many PayProp customers, I am sure, will be keen to discover the end-to-end functionality and support that Reapit offers.”
Johannes van Eeden, CEO, PayProp, added: “Both of our companies have an excellent reputation for eliminating back-office inefficiencies and lowering administrative costs. Together, we will provide a premium end-to-end service with the goal of enabling our customers to do business more efficiently, remain compliant with the latest regulations, and grow profitably.”
Reapit is an established brand in the United Kingdom and Ireland, Denmark, Australia and New Zealand, and the United Arab Emirates. PayProp serves a large group of letting agents and rental property managers across the United Kingdom, South Africa, Canada and the United States.
“We look forward to working with Mark, Johannes, and their teams to help create a true end-to-end PropTech platform that enables our customers to grow, become more efficient and fulfil their mission to find homes for their customers,” said Park Durrett, Managing Director at Accel-KKR and a board member of both Reapit and PayProp.
“Reapit and PayProp coming together creates a major force in the PropTech sector and provides a springboard for further growth of the combined entity, which already has a significant footprint in four continents with considerably more than a million properties under management,” he added. “The combination of Reapit’s expertise, resources and support in real estate management with PayProp’s expertise in payment and reconciliation will undoubtedly bring significant value to the global estate agency and letting industry.”
Bring as objective as I can be, which is hard! that’s a mega tie up by anyone’s standards, perhaps showing that the M&A activity in PropTech is picking up again in earnest.
First up great for both companies from a complementary fit , then geographically match made in heaven , Payprop get to extend what they’re doing in the UK but crucially get a leg up to the Australian market where from memory they don’t have much presence , that will all change.
And Reapit get to work with Payprops international markets primarily in South Africa and of course the big Kahuna in the US with its 1.3m + realtors.
Most importantly though the thing that drives our agent clients mad is the lack of tight integration with key partners, well they don’t get any more key partners than these two so be interesting to see how that develops.
I hear on the jungle drums there’s more stuff to come too
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