ProptechReal Estate

Plentific acquires TouchRight to beef up cloud-based property management

London-based Plentific, which operates a marketplace SaaS platform targeting the property management space, has announced the acquisition of TouchRight for an undisclosed sum.

Founded in 2012 by Terry and Rachel Lightfoot, TouchRight’s software allows its users to create property inspection reports that include inventories, midterms, check-ins, check-outs, HMO and Legionella Risk Assessments. The company claims it can reduce overall operational overhead by as much as 50% through its mobile and web apps.

Acquisition underway, Plentific said it will integrate TouchRight’s software directly into its own platform which helps make property inspections more efficient when working remotely on mobile devices. The company expects a more comprehensive reporting option made available for various tasks, such as reporting on asset conditions, inventories and safety checks once integrated with its cloud-based tech.

Plentific is used by the well-known housing providers such as L&Q, Peabody and Notting Hill Genesis in the UK. It manages 400,000 properties across the UK, Germany and USA.

The company is likely still riding the high of its $100 million series C it raised in August led by new investors Highland Europe and Brookfield Technology Partners — the VC arm of the real estate giant.

At the time of its raise, Plentific said the new financing will go towards significantly growing its presence in the U.S. as well as further global expansion. Its total equity raised to date with that round brought it to a cool $140 million.

The company has also emphasized its efforts towards furthering their Environment, Social, and Governance (ESG) credentials and will continue to expand its capabilities in this critical area. With the aim of becoming an ESG center of excellence, Plentific will work with clients globally through its PropertyLab accelerator program, developing solutions as well as actively helping improve the carbon footprint of properties.

Now, with a new acquisition, Plentific said it will be adding additional automation and speed functions to its suite of repairs, maintenance, compliance and voids solutions.

“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,” said Cem Savas, CEO and Co-founder of Plentific.”

“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 capitalize on this potential,” Savas said.

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