One of the UK’s most recognised proptech firms The Lettings Hub has been bought by referencing firm Canopy for an undisclosed sum.

Canopy’s CEO Chris Hutchinson says the move is motivated in part by the ‘rapid consolidation’ within the lettings agency market and that suppliers like it and The Lettings Hub must “adapt quickly to meet market demands and provide tailored solutions”.

The deal makes the combined businesses one of the largest proptech firms in the UK matching Canopy’s referencing tech, which it provides to some 1,000 letting agents, and The Lettings Hub’s much larger range of services for landlords, agents and renters, although both businesses have referencing at their core.

The Lettings Hub also claims a similar database of letting agent clients – and was established 12 years ago.

Under the terms of the deal, both brands will continue to operate independently while integrating the best elements of each company’s technology to enhance one another’s offerings.

The acquisition will allow both brands to offer a broader range of enhanced propositions for agents and renters, and contribute to a better user experience, and a smoother rental experience.

Tireless

Heidi Shackell (main image), CEO of The Lettings Hub, which employs 140 people, says: “The team has worked tirelessly over the past 12 years to deliver fantastic lettings technology and products to our clients.

“I’m incredibly proud of what we’ve achieved and the strong relationships we’ve built, and I’m also enormously grateful to every client that has used our services, every employee who has been a part of our growth journey, and to our shareholders for their unwavering support.

“Now we’re ready for our next chapter, and moving forward alongside Canopy, who we have already built a successful partnership with, we will capitalise on the strengths of both brands to deliver even greater value to the lettings sector.

Transformative

Chris Hutchinson (main image), CEO of Canopy, says: “For both businesses, this deal represents a transformative opportunity. Together, we now support over 2,500 letting agent clients, and our combined resources allow us to expand our integrated services beyond what either of us could achieve individually.

“By uniting our cutting-edge technologies and shared passion for innovation, we’re in a stronger position to deliver for tenants, landlords, and letting agents alike.”