Somerset firm acquired by private equity backed tech business
A Somerset firm has been acquired by a technology firm which has secured private equity investment.
North East technology company iamproperty has made its first acquisition since the investment.
The firm, which specialises in the modern method of auction, has acquired Information Works for an undisclosed sum.
The business said the deal marks a key milestone in its growth strategy, adding a comprehensive data and prospecting platform to its solutions portfolio.
The founders of iamproperty, Ben Ridgway and Jamie Cooke, said the acquisition supports its mission to modernise the property industry and develop fast and secure solutions and services for estate agents.
Established in 2008, Information Works is a data solution which offers a digital marketing services platform, combining mailing with targeted consumer data, as well as access to editable print products.
Clients include both property sales and lettings agencies, and the two businesses have a number of shared customers.
Information Works’ managing director Nigel Ross will exit the business following a handover period, leaving the leadership and operational team at the helm as they join iamproperty.
The deal marks iamproperty’s third acquisition within two years, having previously acquired cloud-based property software business VTUK as well as SDL Auctions’ portfolio of estate agency partners who use the modern method of auction service in 2022.
The deal comes four months after the company launched into its next growth phrase with investment from new private equity backer Perwyn.
The level of investment from Perwyn was not disclosed, but it is understood that the deal value was more than £100m.
Ben Ridgway said: “Our solutions save estate agents time, support them to drive efficiencies and revenues in their business, and ultimately make their lives easier. Information Works aligns with our portfolio and this acquisition is a key step as part of delivering on our ecosystem vision, creating strong opportunities for innovation and development for both businesses.
“Synergies are not only in our mission and innovation agendas, but our culture, vision and commitment to service excellence and experience. We’re pleased to welcome the Information Works team into iamproperty and are looking forward to talking more to our Partner Agents about how they can benefit from this exciting new offering.”