Zoopla to buy Property Software Holdings for £75m in “game changing” deal
The property search website founded by Alex Chesterman will use purchase to become the "most effective partner for UK property professionals"
UK property portal Zoopla has conditionally agreed to acquire Property Software Holdings (PSH) – said to be the country’s largest supplier of software and tech to the property industry – for a staggering £75m.
Said to be a “game changer” for the estate agency market, unicorn business Zoopla will use the purchase to combine its marketing solutions with PSH’s property workflow services.
Founded in 2007, PHS has six divisions encompassing Alto, Vebra Solutions, Jupix, CFP Software, Core Systems, and MoveIT and its software is used in over 8,000 estate agency branches.
The property software group achieved turnover of over £15m to the year-ending March 2016 and profits of over £5m.
The deal will see PSH continue to operate as a standalone brand with chief executive Mark Goddard becoming managing director of the combined group’s property services division.
Zoopla founder, Alex Chesterman, said the acquisition “will transform the services available for both UK agents and consumers”:
“Our ambition has always been to be the most effective partner to the UK property industry and this deal will allow us to work more closely with our agent partners and offer them an even more compelling service. I look forward to welcoming Goodard and his team to the ZPG family.”