Property Software Group: Supporting success at software provider

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.