London, UK – December 05, 2023 – Reapit and PayProp, two leading property technology solution providers, today announced that they are joining forces to deliver greater value and innovation to estate and letting agents worldwide. The combination is backed by a substantial investment from Accel-KKR, a leading technology-focused private equity firm. The move offers customers of both companies the opportunity to have a single provider that delivers capabilities across sales, letting, property management, client account management, and secure, automated disbursement of payments to the appropriate stakeholders.
Mark Armstrong, CEO of Reapit, commented: “Our two companies are both highly oriented around service and customer success. Our combined path is clear: to lead and drive digital transformation of the property sector, which is a huge asset class.”
“We could not be more excited about the technology, customers and employees that PayProp brings to the combined entity,” Armstrong added. “PayProp has a loyal customer base that benefits from efficient and secure payment, reconciliation and settlement. Many PayProp customers, I am sure, will be keen to discover the end-to-end functionality and support that Reapit offers.”
Johannes van Eeden, CEO, PayProp put the emphasis on growth opportunities. “Both of our companies have an excellent reputation for eliminating back-office inefficiencies and lowering administrative costs. Together, we will provide a premium end-to-end service with the goal of enabling our customers to do business more efficiently, remain compliant with the latest regulations, and grow profitably.”
Reapit is an established brand in the United Kingdom and Ireland, Denmark, Australia and New Zealand, and the United Arab Emirates. PayProp serves a large group of letting agents and rental property managers across the United Kingdom, South Africa, Canada & the United States.
“We look forward to working with Mark, Johannes, and their teams to help create a true end-to-end PropTech platform that enables our customers to grow, become more efficient and fulfil their mission to find homes for their customers,” said Park Durrett, Managing Director at Accel-KKR and a board member of both Reapit and PayProp.
“Reapit and PayProp coming together creates a major force in the PropTech sector and provides a springboard for further growth of the combined entity, which already has a significant footprint in four continents with considerably more than a million properties
under management. The combination of Reapit’s expertise, resources and support
in real estate management with PayProp’s expertise in payment and reconciliation will undoubtedly bring significant value to the global estate agency and letting industry.”
About Reapit
Reapit is the original, end-to-end business technology provider for estate agencies of all sizes. We’ve been helping sales and lettings agents to build relationships and grow their businesses for more than 25 years. Our technology connects property professionals in Europe, the Middle East, Australia, and New Zealand with buyers, sellers, tenants and landlords to power the relationships that change lives.
In the United Kingdom and Ireland, Reapit’s market-leading technology product suite provides estate and lettings agents with powerful tools covering lead generation, sales, lettings, property management, block management, client accounts, key management and analytics, underpinned by a robust, security infrastructure.
Worldwide, Reapit technology is used by over 78,000 agents in more than 15,000 branches, with over a million properties under management; enabling them to run their businesses, identify opportunities for growth, manage their properties, collect rent, communicate with their clients, and deliver an outstanding customer experience, every time.
