Sydney, AUS – March 16th, 2022 – Reapit, backed by private equity firm Accel-KKR (AKKR), announced the acquisition of Console Group Pty Ltd.
Since 1992, Console has been a leading provider of Property Management and Trust Accounting Software in Australia and New Zealand, with over 2,800 real estate agencies using Console software.
Console’s flagship product, Console Cloud, is the fastest-growing property management Software as a Service (SaaS) platform, with more than 2,000 businesses on the platform since its inception in 2017.
Reapit provides market-leading software solutions to customers in over 7,000 offices and supports the management of more than 225,000 tenancies worldwide. With the inclusion of Console, the group is approximately an $80 million AUD revenue business on a pro forma basis.
Console’s award-winning Property Management and Trust Accounting software Console Cloud broadens the current Reapit portfolio, including Agentbox and Agentpoint, to provide a market-first end-to-end real estate solution for the complete real estate life cycle in the ANZ region. Reapit now counts over 50% of real estate agencies as customers, allowing the company to provide greater value and choice to the market.
Mark Armstrong, Group CEO Reapit, stated, “The property market is currently going through unprecedented change and we have a responsibility to present solutions that are best-in-class, to ensure that our customers can adapt, thrive and grow profitably.
The acquisition of Console reaffirms Reapit’s commitment to delivering innovative solutions to the market, extending on Agentbox CRM and Agentpoint Digital Marketing solutions with Property Management software – Console Cloud.”
Charlie Holland, currently CEO Console Group, “This is an exciting step on our journey. Reapit and Accel-KKR’s acquisition of Console will provide unprecedented opportunities to further accelerate innovation and value to customers and I look forward to leading Reapit ANZ as Regional CEO.”
Console has been the leading Australian and New Zealand provider of real estate, property management, and trust accounting software for 30 years. Its flagship product, Console Cloud, is the fastest-growing cloud-based property management software platform.
About Console Cloud
Console Cloud powers successful real estate agencies by helping property management teams do less, make more, and grow their businesses more. It’s designed differently, with an intent to optimise every aspect of property management and trust accounting services within one platform. Console Cloud also helps owners and tenants to access key information 24/7 and communicate more easily with their agency. As one system with many integrations, apps, portals and other services, Console Cloud offers the most complete real estate business software services in Australia.
Reapit is a PropTech provider that has assisted the growth of residential estate agencies in the UK and Australia for nearly 25 years. Worldwide, the company provides software solutions to customers in over 7,000 offices and supports in excess of 225,000 tenancies across the UK and Australia.
The Reapit stable of innovative and market-leading products includes: AgencyCloud CRM (UK) and Agentbox CRM (AUS) which delivers integrated solutions across Sales CRM, Lettings CRM, Property Management, Client Accounts and Analytics. Reapit further offers digital and web marketing solutions to enhance the marketing capacity and capability of estate agents.
Powered by their Foundations PaaS, Reapit’s DeveloperPortal and AppMarket empower Reapit customers to autonomously extend the functionality of their CRM software in areas that deliver the greatest operational efficiencies for them enabling customisations.
Accel-KKR is a technology-focused investment firm with $11 billion in capital commitments. The firm focuses on software and IT-enabled businesses. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network.
Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. For three consecutive years between 2019 and 2021, Inc. has named Accel-KKR among “PE 50: The Best Private Equity Firms for Entrepreneurs”, an annual list of founder-friendly private equity firms. Accel-KKR was named “Best-Performing PE Firm” globally by HEC-DowJones 2021 Performance Ranking. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London.
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.