Zoopla pays £75 million for Property Software Group

Thu, 21 Apr 2016 | BUSINESS SALE

Property portal Zoopla is hoping to win the loyalty of estate agents away from rivals Rightmove and OnTheMarket with the purchase of leading estate agency software for £75 million.

Zoopla will acquire B2B service provider Property Software Group (PSG), which will give the househunting website access to the back-office systems used by around 8,000 UK estate agency branches, as well as the chance to bring them onto its own portal.

PSG was acquired by Lloyd’s private equity offshoot LDC from the Guardian Media Group in a deal worth £17.8 million in late 2013. The new £75 million deal with Zoopla will generate a significant return on LDC’s investment. PSG recently posted revenues of £5.1 million in the year to March 2016.

Alex Chesterman, the PSG founder and chief executive, said of the deal: “This acquisition is a game-changer, combining Zoopla's best-in-class property marketing solutions with PSG's best-in-class property workflow solutions, and will transform the services available for both UK agents and consumers.”

Zoopla has made a series of acquisitions in recent years. It’s primary portal is used by around 16,700 estate agents, while its chief rivals Rightmove and OnTheMarket have around 19,700 and 6,000 agents respectively.

The latest acquisition is still subject to approval from the Financial Conduct Authority, but this is understood to not pose too much of a problem. As part of the deal, PSG chief executive Mark Goddard will become the CEO of Zoopla's property services division.

For more information about buying a business, see the Business Sales Report resources section.


Share this article



Latest Businesses for Sale

Pharmacy
Cambridgeshire, UK Wide

Long established community pharmacy. First time on the market in 30 years. Now occupying exemplary new purpose built accommodation. Standard hours. Offers invited.

Asking Price: Offers Invited
Turnover: £885,000

LEASEHOLD


Creative Consultancy & Interior Design Solutions
UK Wide

Works closely with clients to produce interior design solutions for educational institutions, which could be marketed to more sectors.Additionally offers an array of creative media, including videos,presentations, websites, branding and full direct m...

Asking Price: Offers Invited
Turnover: £873,000

RELOCATABLE


Health Centre Pharmacy
Devon, UK Wide

Unopposed health centre pharmacy. Semi-rural location. In receipt of Pharmacy Access Scheme payments. Offers invited.

Asking Price: Offers Invited
Turnover: £845,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
23
 
Jan
 

MBO at Bristol-based media training firm | MBO/MBI

Mentor Media Training has been acquired by lead consultant D...

 
22
 
Jan
 

Chelmsford warehouse management firm bought by software provider | BUSINESS SALE

Chelmsford-based warehouse management solutions provider Min...

 
21
 
Jan
 

MBO at Newcastle market research company | MBO/MBI

Newcastle-based market research company Explain Market Resea...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
20
 
Jun
 

Prescription start-up acquired by healthcare giant for undisclosed sum | BUSINESS SALE

A UK start-up company that helps individuals manage their su...

 
08
 
Oct
 

Housebuilder turnaround may net owners a fortune | BUSINESS SALE

Derbyshire-based Avant Homes is reportedly being groomed for...

 
26
 
Feb
 

Standard Life Aberdeen sells insurance arm to Phoenix | BUSINESS SALE

Standard Life Aberdeen (SLA) has revealed it is selling its ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources