Agent software provider Reapit has been purchased by its management team from founder George Stead, 74, during a buyout in partnership with global tech investment firm Accel-KKR.
George (pictured, below) is to retire and, a spokesperson told The Negotiator, has been planning the move for some time and wanted a younger team to lead the business forward.
CEO Gary Barker, Sales Director Simon Whale and Client Services Director Matthew Goddard (pictured, above) say they will now have the financial backing provided by Accel-KKR to “accelerate” Reapit’s leading position within the UK and Australian markets for sales, lettings, property management and client accounts software.
“This investment will allow us to significantly scale our development capabilities and deliver new and exciting solutions,” says Gary.
“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.
“Moreover, it will enable us to build on our already strong, market-leading position.”
It is a marriage of David and Goliath proportions. Reapit, which was established in 1997 and has many high-profile clients including Countrywide, Savills, Knight Frank, Romans, Marsh & Parsons, CBRE and Winkworth and market-leading positions in the UK and Australia, now has the backing of a $4.3 billion global tech company with offices in the US and London.
Reapit was started up by George when he was Managing Director of his own eponymous agency in Fulham, central London. He sold the agency to Savills in 1996 to focus on software.
“Accel-KKR has sought to work with management teams who are both clear leaders in their industry and passionate about providing great service and technology to their customers,” says Park Durrett, Managing Director at Accel-KKR.
“The demand for Reapit’s uniquely integrated solution across sales, lettings, property management and client accounts has never been stronger.
“We look forward to working with the Reapit team to grow and extend its product leadership with the leading estate and letting agencies across the UK and Australia.”