Leading independent property software supplier VTUK has been snapped up by residential auctions giant iamproperty for an undisclosed sum.
VTUK, which operates the OpenView property software platform used by some 300 estate agents, was founded in 1989 by industry figure Peter Grant (above, left) who is to exit the Oxfordshire-based business after a handover period.
He says: “A great deal of planning and care went into finding the right partner to take the business forward; we have built our product and service portfolio for over 30 years and know this move will create a bright future for VTUK and our team, allowing the company to accelerate with the dynamic support and innovation that is synonymous with iamproperty.”
The deal is likely to involve several million pounds as VTUK’s latest accounts show it had £1.7 million in the bank and made a profit of £1.281 million last year.
The purchase of VTUK is part of iamproperty’s strategy to move into different verticals other than its core auctioneering business in a bid to offer services to agents with ‘speed and security at their heart’.
This includes most recently launching an end-to-end AML onboarding and sales progression platform, movebutler, which is used by some 900 agents.
VTUK team
VTUK is to remain as was following the deal, including its 22 staff, offices and operations director Adam Rackham.
Ben Ridgway (main pic, right), Managing Director at iamproperty Group, says: “Peter has built a business that is well respected in the industry with the support of an established team and we’re really looking forward to working alongside them.
“This is a great opportunity for our staff and customers, creating synergies that will benefit our mutual Partner Agent Network.
“Where we can add real value is through our support functions, to help accelerate growth and product innovation. For agents who want to continue to build their partnership with us, this will allow us to service even more of their day-to-day needs.”
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