Accel-KKR backs MBO of Reapit

Under its new owners, the company will invest in product development, with a focus on providing an end-to-end property sales, lettings, management and accounting platform to clients in the UK and Australia.

In the financial year ending in May 2016, Reapit acquired stakes in Hertfordshire-based property market data analysis platform Savvy Agent and Worcester-based mobile platform Pocket Size Media. According to publicly available documents, the business increased its turnover by 11% during the financial year.

Accel-KKR is currently investing from its fifth fund, which held a final close on its hard-cap of $1.3bn in September 2015. In September last year, the fund acquired British online communications platform Smart Communications from its corporate owner Thunderhead.

Company
Founded in 1997, London-headquartered Reapit develops software including website building, administrative tools and marketing tools for estate agents. The platform is used by around 200 estate agents in the UK and Australia, according to a statement.

Reapit generated a turnover of £7.4m in the year ending in May 2016, with a loss on ordinary activities before taxation of £135,000.

People
Accel-KKR – Park Durrett (managing director); Maurice Hernandez (principal).
Reapit – Gary Barker (CEO); Simon Whale (sales director); Matthew Goddard (client services director).

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