London, UK – March 16th, 2022 – Reapit, backed by private equity firm Accel-KKR (AKKR), today announced that they have signed a definitive agreement to acquire Console Group Pty Limited.
Since 1992, Console has been a leading provider of Property Management and Trust Accounting software in Australia and New Zealand, with over 2,800 real estate agencies relying on their software. Console’s flagship product, Console Cloud, is the fastest-growing property management Software as a Service (SaaS) platform, with more than 2,000 businesses on the platform since its inception in 2017.
Reapit already provides market-leading software solutions to over 7,000 offices and supports the management of more than 225,000 tenancies worldwide. Console’s award-winning Property Management and Trust Accounting software broadens the current Reapit portfolio in Australia and New Zealand to provide a market-first, end-to-end real estate solution for the Sales, Lettings and Property Management lifecycle.
Mark Armstrong, Group CEO of Reapit, stated, “The property market is currently going through unprecedented change. As a leading technology provider relied upon by such a significant volume of real estate agencies in Australia and New Zealand, we have a duty of care to our customers to bring solutions into our portfolio that are best-in-class, enabling our customers to adapt, thrive and grow profitably. The acquisition of Console deepens Reapit’s commitment to delivering innovative solutions to the market, extending AgentBox’s CRM and AgentPoint’s Digital Marketing solutions with Console Cloud’s Property Management software.”
Charlie Holland, CEO, Console Group, added, “This is an exciting step on our journey. Being part of the broader Reapit solution in Australia and New Zealand, and with the backing of Accel-KKR, will provide unprecedented opportunities to further accelerate innovation and value to customers.”
Park Durrett, managing director at Accel-KKR and a member of Reapit’s board of directors commented, “The addition of Console into Reapit’s portfolio further illustrates its market leading position, providing real estate agencies with a comprehensive suite of solutions.”
The acquisition remains subject to customary closing conditions.
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Reapit is a PropTech solution provider that has been helping residential estate agencies in the UK and Australia to put growth on repeat for 25 years with a variety of continuously innovative, market-leading products, including their AgencyCloud CRM (UK) and Agentbox CRM (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 DeveloperPortal 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 in 7,000+ offices and supports in excess of 225,000 tenancies across the UK and Australia. For more information, please visit www.reapit.com.
Console has been the leading Australian and New Zealand provider of real estate, property management, and trust accounting software for 30 years. Its flagship product, Console Cloud, is the fastest-growing cloud-based property management software platform.
Console Cloud powers successful real estate agencies by helping property management teams do less, make more, and grow their businesses more. It’s designed differently, with an intent to optimise every aspect of property management and trust accounting services within one platform. Console Cloud also helps owners and tenants to access key information 24/7 and communicate more easily with their agency.
About Accel-KKR (AKKR)
Accel-KKR is a technology-focused investment firm with $11 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. For three consecutive years between 2019 and 2021, Inc. has named Accel-KKR among “PE 50: The Best Private Equity Firms for Entrepreneurs”, an annual list of founder-friendly private equity firms. Accel-KKR was named “Best-Performing PE Firm” globally by HEC-DowJones 2021 Performance Ranking. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.