London, UK – August 13, 2021 – Reapit, backed by technology-focused private equity firm Accel-KKR, today announced that they have completed the acquisition of Mindworking A/S Limited, the leading provider of estate agency and marketing technology in Denmark. Mindworking also has customers in Norway and Finland.
The Mindworking solution has grown exponentially since launching their innovative technology in 2003. Today, approximately 80% of Danish real estate agents rely on Mindworking’s software for automated production and delivery of their marketing material via intelligent templates, saving estate agencies significant external design fees as well as internal time spent on core real estate operations. Mindworking’s case-handling system has also become increasingly relied upon by Danish real estate agencies.
Reapit, an Estate Agency Business Platform provider, delivers software solutions to 65,000 users in 5,200+ offices and supports in excess of 225,000 tenancies across the UK and Australia. This acquisition comes as part of Reapit’s ambitious global expansion programme and provides Reapit with a firm foothold in Northern Europe.
Mark Armstrong, CEO, Reapit, commented, “I am delighted to confirm that Reapit has acquired Mindworking, a market leader in Danish estate agency software. Their market-leading solutions epitomise the quality of innovation that Reapit has become known for. We’re very excited to combine Mindworking’s local market knowledge with Reapit’s international expertise to support Claus and his talented team to cement their leadership position in Denmark, increase the depth and breadth of their offerings to their market and expand further into the Nordics and beyond.”
Claus Mathorne, Founder and CEO of Mindworking, said: “The Mindworking team is incredibly proud of the quality solutions we’ve brought to our valued customers during the past 18 years since we’ve first disrupted the traditional marketing value chain.”
Mathorne added: “With access to Reapit’s solid and extensive estate agency know-how and world class R&D support, we look forward to expanding our market leadership position as well as enhancing our offer and time-to-market approach with global best practice and innovation, empowering our customers to grow and prosper, and to successfully navigate the digital transformation of real estate.”
Mathorne continues to be heavily involved in the business, he will remain as CEO of Mindworking within Denmark and will become a General Manager of Mindworking under the Reapit brand. Mathorne also becomes a shareholder in Reapit. The acquisition will not affect the current business for customers and employees of Mindworking.
Park Durrett, Managing Director of Accel-KKR and a member of Reapit’s board of directors commented, “We are pleased to support Reapit with their acquisition of Mindworking, which marks their expansion into Continental Europe and with it, the delivery of Reapit’s commitment to PropTech excellence in a new region. The combination of Reapit’s expertise, resources and support with Mindworking’s marketing solutions will undoubtedly bring significant value to the estate agency industry in the region.”
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Reapit is an Estate Agency Business Platform that has been helping residential estate agencies in the UK and Australia to put growth on repeat for nearly 25 years with a variety of continuously innovative, market-leading products, including their AgencyCloud CRM (UK) and AgentBox (AUS) which delivers an integrated range of solutions including Sales CRM, Lettings CRM, Property Management, Client Accounts and Analytics. Reapit also offers four digital marketing products, including websites, digital proposals and brochures, a powerful lead gen tool and a property lifecycle app, which will significantly enhance the marketing capacity and capability of estate agents. Powered by their Foundations PaaS, Reapit’s Developer Portal and AppMarket empower Reapit customers to autonomously extend the functionality of their CRM software in areas that deliver the greatest operational efficiencies for them, offering agents an unparalleled ability to create a fully integrated, customised tech stack by integrating either their own, custom designed apps or off-the-shelf apps from market leading PropTechs into the Reapit CRM. Beyond innovative products, Reapit also offers a powerful service and training model as part of our commitment to being a partner in growth for our customers. Worldwide, the company provides software solutions to 65,000 users in 5,200+ offices and supports 225,000 tenancies across the UK and Australia. For more information, please visit www.reapit.com.
About Accel-KKR (AKKR)
Accel-KKR is a technology-focused investment firm with $10 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top-line 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 invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. In 2019 and 2020, Inc. named Accel-KKR “PE 50 – The Best Private Equity Firms for Entrepreneurs” in its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com
Mindworking provides software systems, solutions and tools for the real estate agency business based on deep business insights and dialogues with main real estate agency partners combined with expert know how about technological applications available in the market or invented internally. As market leader serving approximately 80% (1.200 agencies/offices) of the market, Mindworking considers the successes and challenges of their customers as the company domain. Enabling you is the mantra of the business by making the customers capable of optimizing their businesses with the software tools of Mindworking. Located in the attractive Centre of Aarhus, Denmark, the daily focus of the 55 employees of Mindworking is relevant and user-friendly real estate agency innovation and promotion. The Danish website is available at www.mindworking.eu