Cloud-based property software provider Reapit, backed by private equity firm Accel-KKR (AKKR), has announced the acquisition of Console.
Since 1992, Console has been a leading provider of property management and trust accounting software in Australia and New Zealand, with more than 2800 real estate agencies using its software.
Console’s flagship product, Console Cloud, is the fastest-growing property management Software as a Service (SaaS) platform in Australia, with more than 2000 businesses on the platform since its inception in 2017.
Reapit provides market-leading software solutions to customers in more than 7000 offices and supports the management of more than 225,000 tenancies worldwide.
With the inclusion of Console, the group is about an $80 million revenue business on a pro-forma basis.
Console’s award-winning property management and trust accounting software Console Cloud broadens the current Reapit portfolio, including Agentbox and Agentpoint, to provide a market-first, end-to-end real estate solution for the complete real estate life cycle in the Australia and New Zealand region.
Reapit now counts more than 50 per cent of real estate agencies as customers, allowing the company to provide greater value and choice to the market.
Reapit Group Chief Executive Mark Armstrong said the property market was going through “unprecendented change” and the group had a responsibility to present best-in-class solutions to help customers adapt, thrive and grow profits.
“The acquisition of Console reaffirms Reapit’s commitment to delivering innovative solutions to the market, extending on Agentbox CRM and Agentpoint Digital Marketing solutions with property management software – Console Cloud,” he said.
Current Console Group Chief Executive Officer Charlie Holland said the acquisition was an “exciting step”.
“Reapit and Accel-KKR’s acquisition of Console will provide unprecedented opportunities to further accelerate innovation and value to customers and I look forward to leading Reapit ANZ as Regional CEO,” he said.