Big PropTech deal as Fixflo is snapped up by German firm

25 May 2021 | Renting

Big PropTech deal as Fixflo is snapped up by German firm

Fixflo, the well known provider of property repairs and maintenance software across the lettings sector, has been acquired by a European company.

Aareon AG describes itself as Europe’s leading property software company, and an announcement this afternoon says it’s bought 100 per cent of the shares in Fixflo, for an undisclosed sum. 

Fixflo – which manages repairs on around 1.2m units for some 1,500 customers – will continue to operate as a separate brand but says it will be “a part of the Aareon family” and pledges “a significant increase in Fixflo’s research and development budget as its solutions form part of the roadmap for the wider Aareon group.”

Advertisement

Fixflo co-founders Rajeev Nayyar and Duncan Careless, together with the whole Fixflo executive team, are remaining with the business.

Nayyar says: “It is the start of the next exciting phase of Fixflo for our customers, partners and team. Throughout discussions with Aareon we’ve been impressed by their desire to help us to harness the benefits of scale across their group but to allow us the independence and flexibility to innovate and continue to work in partnership with our customers.”

Dr Manfred Alflen, CEO of Aareon AG, adds: “By acquiring this high-growth company in the market for residential property managers, we are further expanding our market position in the UK. Clients will be able to benefit from our increasing product offering.”

This post has originally been featured in Letting Agent Today.