Property management platform Arthur is the latest British proptech to be gobbled up by foreign competitors and investors.
London-based Arthur has been bought by Aareon Group, a social housing tech tech firm 70% owned by a German bank of the same name.
Aareon has made its intentions clear, saying it “continues on its expansion path” by “entering the high-growth market for small and medium-sized property managers in Great Britain with a best-in-class solution”.
Arthur is the most popular off-the-shelf lettings and property management platforms among medium and big-portfolio landlords, property managers and many letting agencies.
Launched five years ago, Arthur says it has over 1,000 landlords and property manager clients looking after 90,000 units.
Marc Trup (main pic), Arthur’s CEO, says: “The acquisition of Arthur by the Aeron Group, presents a massive opportunity for us to further improve our service offering to property professionals across various attractive growth markets.”
The deal, which is likely to be a big payday for the 21 investors who sank £1.1 million into Arthur during 2017, is also part of a emerging trend of foreign firms buying into Britain’s proptech success.
This includes most famously Zoopla, which was bought in 2018 by US private equity firm Silver Lake.
But there’s also Reapit (US investment group Accel KKR); Qube (by US firm MRI); and Etech (by Californian giant CoreLogic).
The Arthur/Aareon deal is due to complete on the 29th January 2021.
“Arthur will continue to support its customers as an independent brand and help Aareon move forward with its expansion,” says Dr. Manfred Alflen, the CEO of Aareon AG (pictured).