Reapit bolsters Proptech suite with acquisition of Inspect Real Estate (IRE)

Reapit, the market leader in real estate software solutions, backed by technology-focused private equity firm Accel-KKR, has announced the acquisition of Inspect Real Estate (IRE) and Move Me In (MMI).

IRE, a trusted and respected provider of time-saving work-flow productivity software for the property industry, has been a leader in real estate software services across Australia and New Zealand since 2011. Now used by more than 3,000 real estate agencies, IRE has helped its clients manage more than 57 million inspections and helped them process more than 140 million enquiries.

MMI is a leading, independent utilities comparison and connections service that partners with real estate agencies to find tenants the best energy and internet deals in market. Founded in 2017 as a division of IRE, MMI has more than 2,000 real estate agencies as partners, delivering more than 165,000 connection services to tenants since its inception.

IRE and MMI join leading software products Console Cloud (Property Management), Agentbox (CRM), and Proposalpoint (digital marketing services) as part of the Reapit ANZ product suite.

Andrew Reece, co-founder & CEO of IRE, said: "The opportunity to join forces with Reapit provides IRE with a great platform to fast-track our growth in the United Kingdom, as well as strengthen our market position here in Australia and New Zealand. IRE has always had a strong focus on helping our clients, as well as property seekers and the property industry, with our tech – and Reapit shares this vision. We want to expand IRE One, TenantApp, KeyWhere, 2Apply and Move Me In around the world and this opportunity brings us global expertise, which is what we’ve been looking for to help IRE go worldwide.”

Shaun Mahony, CEO of MMI, added: “I was fortunate to join Andrew and Mike in IRE in 2017 to build the Move Me In utilities connection service. I’ve witnessed first-hand that a cohesive and aligned team is a vital ingredient in delivering great outcomes for our customers. It has been clear from our dealings with Reapit that we are all aligned on how we can better support our industry as a combined business, and I’m super excited to offer all future movers the best deals in the market for their electricity and internet services.”

With the acquisition, Reapit now counts over 50% of real estate agencies in Australia and New Zealand as customers, making it a dominant force in the real estate technology market.

Mark Armstrong, Group CEO, Reapit, commented: “The acquisition deepens Reapit’s commitment to delivering innovative solutions to the market, and ensures our customers have access to all the technology they will need to compete and grow.”

Armstrong added: “We have already worked with IRE for several years as a partner and have seen first-hand how their solutions benefit Reapit customers. Combined with our existing technology suite, we will bring together an offering that helps agents achieve further productivity benefits.”

Charlie Holland, ANZ CEO Reapit, said: "We are thrilled to welcome Inspect Real Estate and Move Me In to the Reapit team. With the tightening rental market in Australia, property managers are overwhelmed with applications and are looking for better ways to streamline the process.

“Together with our existing product suite, we can bring together an offering that helps our customers achieve further productivity benefits. While there has been a proliferation of proptech vendors in the region, the lack of any meaningful integration has meant our industry has struggled to gain the benefits of this innovation. Following the acquisition of IRE, we have the ingredients to deliver a tightly coupled suite of products that help our customers achieve a competitive advantage in the market."

Globally, Reapit, supports more than 7,000 agencies and manages services for over 1,000,000 properties.

Media enquiries:

Reapit (ANZ)
Matt McGown
mmcgown@reapit.com

About IRE

InspectRealEstate (IRE) was founded by Andrew Reece and Mike van Raders in Brisbane in 2011. IRE is now a leading provider of time-saving work-flow productivity software for real estate agents in the Australian and New Zealand (ANZ) markets, with products that assist with managing enquiries, booking inspections, processing applications, collecting rent and managing maintenance. IRE has more than 3,000 clients in Australia and New Zealand with approximately 18,000 property managers logging into the system daily. The success of its enquiry processing technology in the ANZ region has led to IRE expanding into the United Kingdom.

Since its early days, IRE has been focused on supporting its customer base and has broadened its technology offerings to include business development, trust accounting and key management software for real estate agencies.

Move Me In (MMI) was founded in 2017 as part of IRE’s broader product offering. From the outset, MMI has been developed as an independent utilities connection marketplace with a vision to provide future movers with genuine time and money-saving opportunities when moving into a property.

About Reapit

Reapit is the original, end-to-end business technology provider for estate agencies of all sizes. We’ve been helping residential estate agents to put growth on repeat for the past 25 years, providing agencies in Europe and Australasia with all the essential technology they need to run and grow their businesses, underpinned by a robust, enterprise-ready security infrastructure.

Our multi award-winning AgencyCloud business platform in the UK, and AgentBox CRM, Console Property Management, and IRE time-saving, workflow productivity solutions in Australia, deliver fully integrated, dynamic technology for sales, lettings, property management, block management, client accounts and analytics.

The Reapit AppMarket provides access to an ecosystem of over 70 integrated apps from leading Proptech providers, with single sign-on for a super-smooth, secure user experience – and our Developer Portal gives agencies the ability to build their own apps and customise their experience.

Our powerful service and training model, with unlimited access to a comprehensive range of resources, is part of our commitment to being a partner in growth for our customers – helping them meet the changing needs of consumers and the wider real estate market.

Reapit technology is used by over 78,000 agents in more than 15,000 branches worldwide, with over a million properties under management. For more information, please visit www.reapit.com.

About Accel-KKR

Accel-KKR is a technology-focused investment firm with $14 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.