Accel-KKR has completed the buyout of cloud software business Reapit alongside the company’s management team.
Reapit provides customer relationship management and client accounting technology to the UK residential real estate sector.
Its products are provided to a customer base that spans over 200 estate agencies across multiple geographies, including Countrywide, Savills, Knight Frank, Romans, Marsh & Parsons, CBRE and Winkworth, with over 20,000 users.
The company now employs 130 people across five offices in the UK and Australia.
Technology-focused private equity firm Accel-KKR and London-based Reapit’s management are now looking to expand and innovate its technology offering.
“This investment will allow us to significantly scale our development capabilities and deliver new and exciting solutions,” Reapit chief executive Gary Barker said.
“We plan to create new technological and digital innovations that will enable our clients to more effectively grow revenues, save costs and address a continually evolving legislative landscape.”
In May Goldman Sachs acquired a minority stake in Accel-KKR through its Petershill programme, which takes non-controlling stakes in asset managers. It holds a non-voting interest of less than ten per cent.
The funding from Goldman Sachs, which invested in Accel-KKR funds for 15 years, is being used to increase commitment to current strategies and support new initiatives.