Zoopla Property Group to aquire PSG
Zoopla Property Group has conditionally agreed to acquire Property Software Holdings Limited for GB75m on a cash-free, debt-free basis.
Established in 2007, PSG is the UK’s market-leading provider of software solutions to property professionals, used in over 8,000 agency branches. PSG provides workflow tools to over 40,000 estate and lettings agents across the UK through its innovative 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. In addition to its market-leading software products, 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. In the year ended 31 March 2016, PSG generated revenues of c.£15.9m and Adjusted EBITDA1 of c.£5.1m, with 84% recurring revenues and a customer retention rate of over 97%.
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