Proptech company Reapit has just acquired another company in the space, Console Group, the property management specialists in Australia. It makes Reapit now globally a £44m turnover business supporting over 7000 offices. This move positions Reapit as one of the leaders in the global residential software market industry, with the tectonic plates shifting again as the pace of change clearly isn't slowing on the M&A front.
This year has seen many Proptech companies consolidate & grow. Reapit and MRI Software seem to be squaring up on the global front, domestically Zoopla still having the lions share of the CRM space.
Its hardly surprising I suppose that Proptech is closely mirroring the agency space where mergers have been taking place a plenty.
Other than just making Reapit appear an even more attractive investment target itself its going to be interesting to see how these global investments can potentially affect us here. At the risk of appearing all Little Britain and getting parochial so many agents I speak to ask 'So what?' but I think that's perhaps missing the big picture stuff. The additions of Agentbox and Console are harder to place but the acquisition last year of Agentpoint should be felt a little sooner and my understanding is that there's going to be opportunities for the UK market once they've localised that product range. I don't know Charlie Holland personally, not unless he's one of the many people I spoke to at the bar at AREC but for some reason probably 'jet lag' couldn't remember but I do know that Console has been a name synonymous with property management for years there.
This news will no doubt largely be ignored in an industry that is predominantly made up of smaller businesses who are interested in the here and now,but Reapit’s latest acquisition has sent out a clear message to its competitors: there is strength in size and scale when it comes to Proptech. Now, Reapit again leverage an ever increasing number of global tenancies, that will bring other opportunities as they best come to serve those within its existing customer base but also more staff and new tech from their new business.
These acquisitions since a certain paunchy debonair legend left the business, clearly I was holding the place back 😂! have taken Reapit's turnover to £44+ million, and I'll go on a Vegan diet if this is the last one we hear about in the next few months. Admittedly I'm a trainspotter but this is getting a very exciting space, the question in my mind is 'Can the industry replenish its independent stock of Proptech companies? or are we facing a very different world of a few superpowers bossing the arena? The most important one to many UK agents is 'Does this in anyway help or hinder me?'.
No doubt we'll soon see.
Visit the Reapit landing page for more information and to see reviews
