After some months of speculation within the industry, high-profile supplier Reapit has confirmed today that it is the subject of a management buy out with the help of a California-based investment firm, Accel-KKR.
The cloud software business has a customer base of over 200 estate agencies and over 20,000 users in the UK and Australia. The firm employs 130 people across its five offices in the two countries.
UK agencies that use Reapit include Countrywide, Savills, Knight Frank, Romans, Marsh & Parsons, CBRE and Winkworth.
It says the additional investment will enable it to “accelerate its growth and innovation, enhance products and services, and expand its technology offering.”
The Reapit senior management team will continue to be led by Gary Barker as chief executive, Simon Whale as sales director and Matthew Goddard as client services director.
“This investment will allow us to significantly scale our development capabilities and deliver new and exciting solutions. We plan to create new technological and digital innovations that will enable our clients to more effectively grow revenues, save costs and address a continually evolving legislative landscape” says Barker.
Accel-KKR specialises on investing in software and IT-enabled businesses. It says it focuses on “middle-market companies”. In addition to California, it has offices in London and Atlanta.
“Accel-KKR has sought to work with management teams who are both clear leaders in their industry and passionate about providing great service and technology. We look forward to working with the Reapit team to grow and extend its product leadership with the leading estate and letting agencies across the UK and Australia” says Park Durrett, managing director at Accel-KKR.