Fri, 09 Feb 2024 | BUSINESS SALE
Property tech firm iamproperty has completed the acquisition of Gosforth-based data and prospecting business Information Works. The deal is iamproperty’s third in two years and first since the company secured investment from private equity firm Perwyn in October 2023. Iamproperty is an online property auction provider and works with more than 6,000 UK estate agency branches.
Information Works, which was founded in 2008, provides a comprehensive digital marketing offering that combines mailing concepts, targeted consumer data and fully editable on-demand printed products. The acquisition of the company by iamproperty will give estate agents access to a single platform that enables them to manage their job with a single central login.
Announcing the acquisition, iamproperty said that deal was “a key milestone in our ecosystem roadmap, adding a comprehensive data and prospecting platform into our solutions portfolio.”
Iamproperty co-founder Ben Ridgway said: "Our solutions save estate agents time, support them to drive efficiencies and revenues in their business, and ultimately make their lives easier. Information Works aligns with our portfolio and this acquisition is a key step as part of delivering on our ecosystem vision, creating strong opportunities for innovation and development for both businesses. Synergies are not only in our mission and innovation agendas, but our culture, vision and commitment to service excellence and experience.”
Following a post-acquisition handover period, Information Works Managing Director Nigel Ross will exit the business and retire, leaving in place the company’s established leadership and operational team.
Ross commented: "This acquisition marks the next phase of growth and innovation for Information Works, building on our established success. iamproperty is the perfect partner to take this forward, as one of the fastest and most innovative property technology and service providers in the UK.”
Over the last two years, iamproperty has acquired cloud-based property software business VTUK and SDL Auctions’ portfolio of Estate Agency Partners. Last year, the company secured backing from Perwyn, in a deal that provided an exit for previous backer LDC. LDC’s exit, following its initial 2019 minority investment in iamproperty, represented a 278 per cent increase in the business’ enterprise value.
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