Worldwide: Property technology solution providers Reapit and PayProp are joining forces to deliver greater value and innovation to real estate and letting agents around the world.
The combination is backed by a substantial investment from Accel-KKR, a technology-focused private equity firm.
The move will offer 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.
Reapit CEO Mark Armstrong said: “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. 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,” he added.
PayProp CEO Johannes van Eeden said: “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.”
While 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 and the United States.
Park Durrett, managing director at Accel-KKR, said: “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. 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,” added Durrett.
