Reapit, backed by private equity firm Accel-KKR (AKKR), today announced that they have signed a definitive agreement to acquire Console Group Pty Limited.
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 relying on their 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 already provides market-leading software solutions to over 7,000 offices and supports the management of more than 225,000 tenancies worldwide. Console’s award-winning Property Management and Trust Accounting software broadens the current Reapit portfolio in Australia and New Zealand to provide a market-first, end-to-end real estate solution for the Sales, Lettings and Property Management lifecycle.
Mark Armstrong, Group CEO of Reapit, stated, “The property market is currently going through unprecedented change. As a leading technology provider relied upon by such a significant volume of real estate agencies in Australia and New Zealand, we have a duty of care to our customers to bring solutions into our portfolio that are best-in-class, enabling our customers to adapt, thrive and grow profitably. The acquisition of Console deepens Reapit's commitment to delivering innovative solutions to the market, extending AgentBox’s CRM and AgentPoint’s Digital Marketing solutions with Console Cloud’s Property Management software.”
Charlie Holland, CEO, Console Group, added, “This is an exciting step on our journey. Being part of the broader Reapit solution in Australia and New Zealand, and with the backing of Accel-KKR, will provide unprecedented opportunities to further accelerate innovation and value to customers.”
Park Durrett, managing director at Accel-KKR and a member of Reapit’s board of directors commented, “The addition of Console into Reapit’s portfolio further illustrates its market leading position, providing real estate agencies with a comprehensive suite of solutions.”
The acquisition remains subject to customary closing conditions.
