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. Its products provide 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 2013, LDC invested to support the £17.8million management buyout of GMG Property Services (now known as The Property Software Group (PSG) from Guardian Media Group.
Together with management, the investment supported the development of PSG’s cloud-based offering, which now accounts for almost 50% of revenues, and the acquisition of its smaller rival, Jupix, in June 2014. Sales grew 56% between 2014 and 2016 from £10.2million to £15.9million.
In April 2016 LDC conditionally* agreed to sell PSG to Zoopla Property Group Plc (LSE: ZPLA) (ZPG), the digital media and lead generation platform, for £75million. ZPG owns and operates some of the UK's leading online consumer brands including Zoopla, PrimeLocation and uSwitch, which it also acquired from LDC in April 2015. Post completion, PSG will continue to operate as a standalone platform and brand with business as usual and the PSG team becoming an integral part of the wider Group.
* Completion is conditional upon either the cancellation of PSG’s existing FCA Consumer Credit License or FCA approval of the change of control of PSG, whichever is the earlier.