Property Software Group (PSG) goes to Zoopla for £75 million

Zoopla Property Group Plc (“ZPG”) has announced that it has conditionally agreed to acquire The Property Software Group (“PSG”), the UK’s market-leading provider of software solutions to property professionals, used in over 8,000 agency branches. PSG was sold by the Guardian Media Group in December 2013 for £17.8million, in a management buyout backed by LDC and this sale at £75 million brings a return to LDC of over four times its investment, just 27 months later. An impressive sum for a company that was established less than 10 years ago and made underlying profits of £5.1million in the last financial year (to March 2016). PSG software products provide daily workflow tools to over 8,000 estate and letting agencies (quoted as being around 40 per cent) across the UK through its cloud-based (Alto, Jupix) and desktop (Vebra, Core, CFP) software products and provides essential systems for the day-to-day management of inventory, marketing and communications as well as diary management, chain progression, business reporting tools and financial processes. PSG’s newest products, MyPropertyFile and MoveIT, provide agents with digital platforms for engaging more effectively with their clients and generating additional revenue streams from a variety of property-related services. The acquisition of PSG is,…