An online real estate group based in the North East has acquired a software company that operates in its sector.
iamproperty group has acquired VTUK, an Oxfordshire-based property software company, for an undisclosed sum in a deal it says furthers its mission to modernize the property industry.
VTUK offers a cloud-based real estate CRM software platform that aims to create a seamless experience for real estate agents to fully automate their day-to-day operations.
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Founded in 1989 by founder Peter Grant, they work with over 300 estate agents across the UK and already share a number of mutual clients with iamproperty.
Ben Ridgway, Managing Director of iamproperty Group, said: “We are delighted to bring VTUK into the iamproperty Group.
“Peter has built a business that is highly respected in the industry with the support of an established team and we are truly looking forward to working alongside them. This is a great opportunity for our staff and our customers, creating synergies that will benefit our network of mutual partner agents.
VTUK founder Mr Grant will leave the company after a handover period, passing control to chief operating officer Adam Rackham, who has been with the company for over 20 years.
Mr. Grant said, “A great deal of planning and care went into finding the right partner to move the business forward; we have been building our product and service portfolio for over 30 years and know this move will create a bright future for VTUK and our team, enabling the business to accelerate with the dynamic support and innovation that is synonymous with iamproperty.
The iamproperty group was founded in 2009 by Jamie Cooke and Ben Ridgway to fill a gap in the market for online property auction services. It now employs over 300 people and has the iamsold and movebutler platforms, which work with over 3,500 partner agents across the UK.
Mr. Grant was advised on the transaction by Ryecroft Glenton Corporate Finance. iamproperty was advised by Muckle LLP, Tait Walker and Clearwater International.