An online property group based in the North East has acquired a software business that operates in its sector.
The iamproperty Group has acquired Oxfordshire-based property software business VTUK for an undisclosed sum in a deal which it says continues its mission to modernise the property sector.
VTUK offers a cloud-based property CRM software platform which aims to create a seamless experience for estate agents to fully automate their day-to-day operations.
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Established in 1989 by founder Peter Grant, it works with more than 300 estate agencies across the UK and already shares a number of mutual customers with iamproperty.
Ben Ridgway, managing director at iamproperty Group, said: “We are delighted to be bringing VTUK into the iamproperty Group.
“Peter has built a business that is well respected in the industry with the support of an established team and we’re really looking forward to working alongside them. This is a great opportunity for our staff and customers, creating synergies that will benefit our mutual partner agent network.”
VTUK founder Mr Grant will leave the business following a handover period, passing control to operations director Adam Rackham, who has been with the business for more than 20 years.
Mr Grant said: “A great deal of planning and care went into finding the right partner to take the business forward; we have built our product and service portfolio for over 30 years and know this move will create a bright future for VTUK and our team, allowing the company to accelerate with the dynamic support and innovation that is synonymous with iamproperty.”
The iamproperty Group was founded in 2009 by Jamie Cooke and Ben Ridgway to fill a gap in the market for an online property auction service. It now employs more than 300 people and has the iamsold and movebutler platforms, which work with more than 3,500 partner agents around the UK.
Mr Grant was advised on the deal by Ryecroft Glenton Corporate Finance. iamproperty was advised by Muckle LLP, Tait Walker and Clearwater International.
