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Proptech leader Zoopla reinforces firm with 75m Property Software Group takeover

Real Business explored the changing face of the countrys property industry in March and spoke with Zoopla boss Alex Chesterman. At the time, he said that change is inevitable thanks to the web and mobile, which means estate agents must embrace the movement.

PSG was launched in 2007 and delivers tools to estate and lettings agents nationwide through a combination of cloud and desktop software developments. The tech it provides allows clients to manage inventory, marketing, communications, diaries and finances.

Integrating PSG is in line with Zooplas goal of expanding its wider group, which includes uSwitch and PrimeLocation, to become a full-service partner for property businesses and professionals.

The takeover by Zoopla comes after PSG achieved 15.9m revenue for the year ended 31 March 2016, a period which also saw the firm achieve a customer retention rate of 97 per cent.

The cash deal will be payable as 47m on completion, 22m six months after completion and 3m 12 and 24 months after completion. While bolstering Zooplas armoury, the deal also gives Lloyds private equity arm LDC an exit, having backed PSG in December 2013.

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This acquisition is a game-changer, combining ZPGs best-in-class property marketing solutions with PSGs best-in-class property workflow solutions, and will transform the services available for both UK agents and consumers,” said Chesterman.

“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 PSGs MoveIT platform.

PSG will continue to work under its existing brand, while CEO Mark Goddard will become MD of Zooplas property services department, reporting into Chesterman.

Goddard added: I am very proud of what we have achieved over the last nine years but it is just the start. Weve 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.

If you’re a property investor, heres how you can crush new UK tax laws and not pay George Osborne’s stamp duty.

Image: Shutterstock


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