London, UK – March 06, 2023 – Reapit, backed by technology-focused private equity firm Accel-KKR, today announced the acquisition of Inspect Real Estate (IRE), a leading provider of digital solutions for property professionals. The move bolsters Reapit’s suite of products and further cements Reapit’s ethos to be the number one technology provider for residential estate and letting agencies.
IRE has been a trusted and respected provider of time-saving, workflow productivity software for the property industry in the UK, Australia and New Zealand since 2011. Over the years, the company has built a reputation for streamlining agency operations, generating new leads and future-proofing businesses. Today, over 3,000 real estate customers use IRE solutions to manage more than 57 million viewings and process more than 140 million enquiries on behalf of their clients.
The acquisition supports Reapit’s global M&A strategy to integrate and deliver innovative products and services for residential estate agencies of all sizes worldwide. IRE has a broad portfolio of highly valued solutions in ANZ, including IRE One, TenantApp, KeyWhere, and 2Apply that can find success in new markets with Reapit’s global expertise.
Domestically in the UK, IRE already offers a diverse range of products including BDM, Enquiry Management, and Social Housing Management solutions, in addition to their user-friendly TenantApp property portal that helps tenants search, view and apply for rental properties.
The acquisition also builds on the existing partnership between Reapit and IRE in the UK. IRE is a long-standing Reapit AppMarket partner, with apps such as RegisterOnline – its diary and enquiry management solution that allows customers to automate virtually every aspect of their calendar, and KeyWhere – its real-time key tracking solution that saves time wasted chasing missing keys.
IRE shares Reapit’s vision for a consolidated business technology platform that enables agents to access all of their key software solutions on one cloud-based system and the acquisition presents a growth opportunity to bring together a set of products and services that will help Reapit and IRE customers achieve further productivity benefits.
Reapit is committed to provide a single, extensible technology platform for its customers and the acquisition of IRE demonstrates that the company is delivering on its promise to expand the global reach of its products and services to property professionals worldwide.
Mark Armstrong, Group CEO, Reapit, commented: “The acquisition deepens Reapit’s commitment to delivering innovative solutions to the market, and ensures our customers have access to all the technology they will need to compete and grow.”
Armstrong added: “We have already worked with IRE for several years as a partner and have seen first-hand how their solutions benefit Reapit customers. Combined with our existing technology suite, we will bring together an offering that helps agents achieve further productivity benefits.”
Andrew Reece, Co-Founder & CEO of IRE, said: “The opportunity to join forces with Reapit and bring our technology platforms together was too good to pass up. We have a long history of helping our customers to manage their workloads better, and we were impressed with Reapit’s approach to supporting their customers’ growth with great technology solutions.”
Reece added: “IRE has always had a strong focus on helping our clients, property seekers and the property industry with our tech – and Reapit shares this approach. This new opportunity provides IRE with a great platform to fast-track our growth in the United Kingdom. We want to expand IRE around the world and this opportunity brings us global expertise and a springboard for growth, which is what we’ve been looking for to help us go worldwide.”
Park Durrett, managing director at Accel-KKR and a member of Reapit’s board of directors commented, “The addition of IRE into Reapit’s portfolio further illustrates its market leading position, providing real estate agencies with a comprehensive suite of solutions. IRE are a strong brand in ANZ, and we look forward to their continued growth in other markets.”
Patrick Hannah, Chief Marketing Officer, Reapit
Reapit is the original, end-to-end business technology provider for estate agencies of all sizes. We’ve been helping residential estate agents to put growth on repeat for the past 25 years, providing agencies in Europe and Australasia with all the essential technology they need to run and grow their businesses, underpinned by a robust, enterprise-ready security infrastructure.
Our multi award-winning AgencyCloud business platform in the UK, and AgentBox CRM, Console Property Management, and IRE time-saving, workflow productivity solutions in Australia, deliver fully integrated, dynamic technology for sales, lettings, property management, block management, client accounts and analytics.
The Reapit AppMarket provides access to an ecosystem of over 70 integrated apps from leading Proptech providers, with single sign-on for a super-smooth, secure user experience – and our Developer Portal gives agencies the ability to build their own apps and customise their experience.
Our powerful service and training model, with unlimited access to a comprehensive range of resources, is part of our commitment to being a partner in growth for our customers – helping them meet the changing needs of consumers and the wider real estate market.
Reapit technology is used by over 78,000 agents in more than 15,000 branches worldwide, with over a million properties under management. For more information, please visit www.reapit.com.
InspectRealEstate (IRE) was founded by Andrew Reece and Mike van Raders in Brisbane in 2011. IRE is now a leading provider of time-saving work-flow productivity software for real estate agents in the Australian and New Zealand (ANZ) markets, with products that assist with managing enquiries, booking inspections, processing applications, collecting rent and managing maintenance. IRE has more than 3,000 clients in Australia and New Zealand with approximately 18,000 property managers logging into the system daily. The success of its enquiry processing technology in the ANZ region has led to IRE expanding into the United Kingdom.
Since its early days, IRE has been focussed on supporting its customer base and as built out its technology offering to include business development, trust accounting and key management software for property management businesses.
About Accel-KKR (AKKR)
Accel-KKR is a technology-focused investment firm with $14 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. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.