Brackley software firm sold to Zoopla in £75m deal
Zoopla Property Group, the digital media and lead generation giant, has bought Brackley-based Property Software Holdings (PSG) for £75m.
Established in 2007, PSG is the UK’s market-leading provider of software solutions to property professionals, used in over 8,000 agency branches.
In the year ended 31 March 2016, PSG generated revenues of £15.9m.
The transaction provides an exit for PSG’s institutional backers, LDC, the private equity arm of Lloyds Banking Group, which originally invested in the business in December 2013 along with certain members of the management team including Mark Goddard, Eduardo Mardell and James Toogood.
Alex Chesterman, Founder & CEO of Zoopla Property Group said: “This acquisition is a game-changer, combining ZPG’s best-in-class property marketing solutions with PSG’s best-in-class property workflow solutions, and will transform the services available for both UK agents and consumers.
“We will be able to offer UK property professionals an unrivalled proposition supporting them with their software and CRM solutions, digital marketing requirements, market insight tools along with providing them a range of new revenue opportunities through PSG’s MoveIT platform.
“Our ambition has always been to be the most effective partner to the UK property industry and this deal will allow us to work more closely with our agent partners and offer them an even more compelling service. I look forward to welcoming Mark and his team to the ZPG family.”
Mark Goddard, CEO of The Property Software Group added: “I am very proud of what we have achieved over the last 9 years but it is just the start. We’ve had a long-standing relationship with the team at ZPG and are incredibly excited to continue our journey as part of their growth and innovation story. We are very much looking forward to continuing to develop unmatched software tools and innovative products and to delivering even better value to our clients.”
