Reapit, backed by technology-focused private equity firm Accel-KKR, today announced that they have completed the acquisition of Mindworking A/S Limited, the leading provider of estate agency and marketing technology in Denmark. Mindworking also has customers in Norway and Finland.
The Mindworking solution has grown exponentially since launching their innovative technology in 2003. Today, approximately 80% of Danish real estate agents rely on Mindworking’s software for automated production and delivery of their marketing material via intelligent templates, saving estate agencies significant external design fees as well as internal time spent on core real estate operations. Mindworking’s case-handling system has also become increasingly relied upon by Danish real estate agencies.
Reapit, an Estate Agency Business Platform provider, delivers software solutions to 65,000 users in 5,200+ offices and supports in excess of 225,000 tenancies across the UK and Australia. This acquisition comes as part of Reapit’s ambitious global expansion programme and provides Reapit with a firm foothold in Northern Europe.
Mark Armstrong, CEO, Reapit, commented, “I am delighted to confirm that Reapit has acquired Mindworking, a market leader in Danish estate agency software. Their market-leading solutions epitomise the quality of innovation that Reapit has become known for. We’re very excited to combine Mindworking’s local market knowledge with Reapit’s international expertise to support Claus and his talented team to cement their leadership position in Denmark, increase the depth and breadth of their offerings to their market and expand further into the Nordics and beyond.”
Claus Mathorne, Founder and CEO of Mindworking, said: “The Mindworking team is incredibly proud of the quality solutions we’ve brought to our valued customers during the past 18years since we’ve first disrupted the traditional marketing value chain.”
Mathorne added: “With access to Reapit’s solid and extensive estate agency know-how and world class R&D support, we look forward to expanding our market leadership position as well as enhancing our offer and time-to-market approach with global best practice and innovation, empowering our customers to grow and prosper, and to successfully navigate the digital transformation of real estate.”
Mathorne continues to be heavily involved in the business, he will remain as CEO of Mindworking within Denmark and will become a General Manager of Mindworking under the Reapit brand. Mathorne also becomes a shareholder in Reapit. The acquisition will not affect the current business for customers and employees of Mindworking.
Park Durrett, Managing Director of Accel-KKR and a member of Reapit’s board of directors commented, “We are pleased to support Reapit with their acquisition of Mindworking, which marks their expansion into Continental Europe and with it, the delivery of Reapit’s commitment to PropTech excellence in a new region. The combination of Reapit’s expertise, resources and support with Mindworking’s marketing solutions will undoubtedly bring significant value to the estate agency industry in the region.”
Founding and operating digital web services businesses, Ryan has a passion for technology and over 10 years experience delivering online services to the classifieds verticals in Australia, New Zealand and Asia.