Case study

Property Software Group: Supporting success at software provider

Private equity backs management team to deliver on potential via new product development.

Sector
  • Construction & property
  • Technology, Media, Telecoms

The Property Software Group (PSG) is the UK’s market-leading provider of software solutions to property professionals, used in over 8,000 agency branches.

Deal type
  • Carve out
Deal value

£17.8m

Exit type
  • Trade sale
Exit date

April 2016

Exit value

£75m

In 2013, we invested to support the £17.8m carve out of The Property Software Group (PSG) from Guardian Media Group, backing Chief Executive Mark Goddard and his management team.

We supported the team to develop PSG’s cloud-based offering – growing it to the point where, by 2016, it accounted for almost 50 per cent of revenues – and the acquisition of its smaller rival, Jupix, in 2014.

Finding a good home

In 2016, we sold PSG to Zoopla Property Group Plc, the digital media and lead generation platform, for £75m in a sale that delivered a 4.x money multiple and an IRR of around 80 per cent for LDC.

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 2015.

Following our exit, PSG continues to operate as a standalone platform and brand with business as usual and the PSG team becoming an integral part of the wider group.

LDC has been the perfect business partner on every level. We can’t thank the team highly enough for the strategic, financial and operation support they have provided, which has truly transformed the business and leaves us in fantastic shape for the next stage of our exciting journey.”
Mark Goddard, CEO
The Property Software Group