By Mirianna la Grasta | @mirilagrasta
Proptech firm Goodlord is acquiring referencing startup Vouch to create a new market-leading proptech company.
Clients of the two companies will now benefit from a wider choice of software offerings and access to a sector-leading end-to-end platform. Founded in 2014, London-based Goodlord provides clients with an award-winning software that allows agents to manage the entire pre-tenancy process from one place. This includes contract-generation, any digital payment, distribution of legal documents, insurance and references.
While younger company Vouch, which was founded in 2017 and is headquartered in Sheffield, offers a fixed-cost hybrid referencing solution, so that agents won’t need to outsource it. By joining forces with fast-growing referencing firm Vouch, Goodlord will be able to offer agents a bigger suite of services, including one-off referencing and end-to-end software automation at enterprise-level.
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The acquisition will ensure letting agents are able to access the right combination of software, according to their personal requirements.
“We’re delighted to have the Vouch team join our group,” said Goodlord CEO William Reeve. “This marks an exciting moment for both businesses and for the UK lettings sector. Together, we have the best technology in the industry, the best track record on growth, and we expect to become the market leader by the end of the year,” he added.
Goodlord CEO William Reeve is to take over as CEO of the combined group, while Vouch’s co-founders Simon and Jaime Tillyer are set to become Goodlord shareholders and gain a seat on the group’s Board of Directors.
Though merged, the two platforms will retain their separate brand identities, allowing customers to access their services as normal. The businesses will, however, start working closely to develop a wider selection of services and start providing interoperability between their two platforms, with plans to integrate their API.
Both Goodlord and Vouch have been growing at a rate of over 100% each year. 2020, in particular, has been a successful one, with the COVID pandemic driving increased demand for digital solutions that generate efficiency savings, as well as new revenue streams, and ensure regulatory compliance within the lettings market.
Following the acquisition, the group now plans to handle more than 500,000 references every year, on behalf of over 2,000 letting agencies across the UK.
