Northeast technology company iamproperty has made its first acquisition since securing a significant private equity investment.
The Newcastle-based company, which specializes in modern auction techniques, has acquired Somerset-based Information Works for an undisclosed sum. The company said the deal is an important milestone in its growth strategy and adds a comprehensive data and prospecting platform to its solutions portfolio.
This system allows real estate agents to manage their day all “under one roof” through one central login and one partnership. iamproperty founders Ben Ridgway and Jamie Cook said the acquisition also supports the company’s mission to modernize the real estate industry and develop fast and secure solutions and services for real estate agents. Ta.
Founded in 2008, Information Works is a data solution that provides access to editable print products as well as a digital marketing services platform that combines email and targeted consumer data. Our customers include both real estate sales and letting agents, and both businesses have a number of common customers.
Nigel Ross, Managing Director of Information Works, will exit the business after the handover period and join iamproperty, leading the management and operations team. The deal is iamproperty’s third in two years, having previously acquired cloud-based real estate software business VTUK, and in 2022 to acquire SDL Auctions’ real estate brokerage partner using the latest auction service methodology. It also acquired a portfolio.
The deal comes four months after the company embarked on its next phase of growth following investment from new private equity backer Parwin. The amount of Perwin’s investment was not disclosed, but the deal is said to have been worth more than £100m. The Arden House-based business is due to announce its results for the year to October 31 shortly, with revenues expected to rise to £76m.
Ridgway, co-founder of iamproperty, said: “Our solutions save real estate agents time, help real estate agents increase their business efficiency and revenue, and ultimately make their lives easier. Information Works is aligned with our portfolio. This acquisition is an important step as part of realizing our ecosystem vision and creates strong opportunities for innovation and development for both businesses.
“Synergy is embedded not only in our mission and innovation agenda, but also in our culture, vision, and commitment to service excellence and experience. We welcome the Information Works team to an undisputed position. We are pleased that this is the case and look forward to further discussions with our partner agents about how we can work together to benefit from this exciting new service.” ”
Ross said: “This acquisition marks the next stage of growth and innovation for Information Works, building on our established success. iamproperty is one of the UK’s fastest and most innovative real estate technology and services providers. As such, we are the perfect partner to promote this.
“Having led the business for 13 years, I am delighted to take this opportunity to retire and hand over to an experienced and established leadership and operational team. I am grateful for the continued support and loyalty of our team and our clients. I would like to thank you and wish you all the best in your future endeavors.”
Firms that advised and supported the transaction included Muckle LLP and Azets.