Member Article

Zoopla in 'game-changing' £75m acquisition of property software developer

Zoopla Property Group, parent company of consumer brands including Zoopla, uSwitch and PrimeLocation, has announced the £75m acquisition of UK software developer The Property Software Group.

The London-based digital media platform claims the deal, which is for an initial cash consideration of £47m, followed by a further £22m six months later with further installments of £3m every six months, will create the UK property industry’s first end-to-end solution for property professionals.

Founded in 2007, The Property Software Group provide a range of workflow tools and software products to over 40,000 estate and letting agents across the country, including its cloud-based Alto and Jupix platforms.

In a statement to the London Stock Exchange this morning, Zoopla outlined its vision for the Group as it looks to offer software, customer relationship management, digital marketing and market insight tools as an all-in-one package for property professionals.

Expanding on this, Alex Chesterman, Founder and Chief Executive Officer of Zoopla Property Group commented: “This acquisition is a game-changer, combining Zoopla Property Group’s best-in-class property marketing solutions with PSG’s best-in-class property workflow solutions, and will transform the services available for both UK agents and consumers.

“We will be able to offer UK property professionals an unrivalled proposition supporting them with their software and CRM solutions, digital marketing requirements, market insight tools along with providing them a range of new revenue opportunities through PSG’s MoveIT platform.

“Our ambition has always been to be the most effective partner to the UK property industry and this deal will allow us to work more closely with our agent partners and offer them an even more compelling service. I look forward to welcoming Mark and his team to the ZPG family.”

Following completion of the acquisition, The Property Software Group will continue to operate as a separate brand while its team will be incorporated into the wider Zoopla Group.

This includes current Chief Executive Officer, Mark Goddard, who will become Managing Director of the Zoopla Property Group’s Property Services divison.

Mark said: “I am very proud of what we have achieved over the last 9 years but it is just the start. We’ve had a long-standing relationship with the team at ZPG and are incredibly excited to continue our journey as part of their growth and innovation story.

“We are very much looking forward to continuing to develop unmatched software tools and innovative products and to delivering even better value to our clients.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →