LDC sells Property Software to Zoopla for £75m

It is understood the deal resulted in a 4x return for LDC and an IRR of around 80%.

Previous funding
LDC backed the £17.8m management buyout of PSG from former parent Guardian Media Group in December 2013.

Since then, PSG has developed its cloud-based offering, which now accounts for around 50% of revenues. Also during the investment period, LDC supported the company's acquisition of Jupix in June 2014.

From 2014, PSG's sales have grown from £10.2m to £15.9m in 2016.

Company
Established in 2007 by Guardian Media, PSG provides software, technology and design services to estate agents. Its products include cloud-based platforms Alto and Jupix, and desktop-based systems Vebra, Core and CFP. It also offers client-engagement products MyPropertyFile and MoveIT.

People
LDC – Alastair Weinel (investment director).
Zoopla – Alex Chesterman (CEO, founder).
The Property Software Group – Mark Goddard (CEO).

Advisers
Vendor - Quayle Munro (managment due diligence); Shoosmiths (legal). 
Equity - KPMG (financial due diligence); Travers Smith (legal). 

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