London-based online property maintenance platform Plentific has announced the acquisition of York-based proptech TouchRight Software for an undisclosed sum.
Plentific said it will integrate TouchRight Software’s property reporting tools – which lets agents, property managers, inventory clerks and contractors compile property inspection reports – into its own platform.
TouchRight was founded in 2012 by Terry and Rachel Lightfoot. It has over 500 clients across the UK that use it to create property inspection reports including inventories, check-ins, check-outs, midterms, HMO and Legionella Risk Assessments.
Plentific says its app can help make property inspections more efficient when working remotely on mobile devices. With the acquisition, the company expects a more comprehensive reporting option to be made available for various tasks, such as reporting on asset conditions, inventories and safety checks, among others.
The acquisition comes soon after Plentific’s previous Series C funding round, in which it raised $100m. Highland Europe, Brookfield Technology Partners invested in the round alongside Mubadala Investment Company and RXR Digital Ventures. Existing investors A/O PropTech and Target Global participated as well.
Cem Savas, CEO and co-founder of Plentific, said: “We’ve had a phenomenal year of growth, with a Series C funding round helping us more than double headcount to over 200 employees and empowering us to build more client services. We have only just scratched the surface of a $2.5 trillion potential market opportunity, and the acquisition of TouchRight will enhance our service to landlords and better enable us to capitalise on this potential.”
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