CRM supplier Reapit, backed by private equity funding, has entered into an international deal to acquire a leading Australian PropTech provider - and it might bring new services to the UK too.
Agentpoint PTY Limited is the largest provider of retail estate agent websites and lead generation technology in Australia and its purchase by Reapit is set to be finalised by the end of next month.
Once that happens Reapit pledges “a significant expansion opportunity for Agentpoint’s products and technology services” in the UK market as well.
Reapit chief executive Mark Armstrong says: “We are poised to incorporate Agentpoint’s outstanding solutions into Reapit’s offer. It is a great company with a comprehensive product set and an unbeatable track record in the market.
“Agentpoint perfectly aligns with our mission of giving residential estate agents access to best-in-class PropTech solutions that will help them maintain a competitive edge in all market conditions.”
Founded in 2001, Agentpoint supplies digital services described as “scalable, robust and including integrations with leading companies within the real estate space, with designed websites that can be fully integrated into estate agency CRMs.”
In recent years, Agentpoint has also made substantial investments into new products, resulting in a range of additional digital marketing services to drive, capture, track and convert leads.
Agentpoint chief executive Ryan O’Grady says: “Our vision has always been to deliver leading-edge concepts that allow our users to achieve high-end results. The next exciting step on our journey will be with Reapit and their investors AKKR, which will enable us to invest further in product development and quality services for the estate agency industry.”
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This won’t work. Great idea on paper, but with my own two experiences of operating tech for agents in London and Sydney there are multiple hidden pitfalls. UK agents don’t like Aussie tech which is built for a market with different operating dynamics, and vice versa. There are cultural business differences too. It’s been tried many times. I wish them both well and would be happy to see it succeed and be proved wrong.
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