Accel-KKR has acquired Reapit Ltd, a provider of CRM and client accounting software for the UK residential real estate sector. No financial terms were disclosed for the transaction that was done in partnership with Reapit’s management team.
London – 9 October 2017 – Reapit Ltd, the largest CRM and Client Accounting software provider to the UK residential real estate sector, has announced that its management team has partnered with Accel-KKR, a leading global technology-focused investment firm, to purchase the well-established and growing cloud software business.
The investment partnership combines the deep domain experience and strong track record of Reapit’s existing management team with Accel-KKR’s strategic expertise working with high-growth technology companies. The partnership will enable Reapit to accelerate its growth and innovation, enhance products and services, and expand its technology offering. Through Accel-KKR’s backing, Reapit will accelerate its market leadership in providing its unique end-to-end Sales, Lettings, Property Management and Client Accounts solution to leading estate and letting agencies of all sizes in the UK and Australian markets.
Reapit is recognized as an industry leader in the UK and Australian markets, having won numerous awards for its uniquely integrated solution. Its leading software platform is deeply integrated into its blue-chip customer base that spans multiple geographies and includes more than 200 estate agencies and over 20,000 users.
The Reapit senior management team will continue to be led by Gary Barker (CEO), Simon Whale (Sales Director) and Matthew Goddard (Client Services Director). The business, which is headquartered in London, services its customers from offices across the United Kingdom and Australia.
“This investment will allow us to significantly scale our development capabilities and deliver new and exciting solutions. We plan to create new technological and digital innovations that will enable our clients to more effectively grow revenues, save costs and address a continually evolving legislative landscape. Moreover, it will enable us to build on our already strong, market-leading position,” commented Gary Barker, the CEO of Reapit. “The broad set of resources that Accel-KKR brings to Reapit will ensure that we are able to continue growing the business whilst maintaining our impeccable service standards.”
“Accel-KKR has sought to work with management teams who are both clear leaders in their industry and passionate about providing great service and technology to their customers,” said Park Durrett, Managing Director at Accel-KKR. “The demand for Reapit’s uniquely integrated solution across sales, lettings, property management and client accounts has never been stronger. We look forward to working with the Reapit team to grow and extend its product leadership with the leading estate and letting agencies across the UK and Australia.”
“Gary, Simon and Matt have built a business well-positioned for further growth with both large, multi-office agencies and today with smaller agencies, through its JET product,” added Maurice Hernandez, Principal at Accel-KKR who is based in the firm’s London office. “Accel-KKR’s investment in Reapit further solidifies our longstanding commitment to support the UK’s leading software companies in their growth plans.”
Reapit is the UK’s leading software provider to estate agents and lettings agents. Its combined CRM platform (RPS) for sales, lettings, property management and client accounts has won numerous industry accolades. Reapit has underpinned its software with a strong service and training ethos which has helped to attract and retain many leading brands including: Countrywide, Savills, Knight Frank, Romans, Marsh & Parsons, CBRE and Winkworth to name just a few. Since being established in 1997, the business has enjoyed sustainable growth with over 20,000 users worldwide and now employs 130 people across its five offices in the UK and Australia.
Reapit’s Client Accounts software is accredited by the Institute of Chartered Accountants (ICAEW) and NALS.
For more information, please visit www.reapit.com.
Accel-KKR is a technology-focused investment firm with $4.3 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel- KKR also invest across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
For more information, please visit www.accel-kkr.com.