Canopy acquires the Lettings Hub, creating a property technology powerhouse  

West Hill portfolio company, Canopy, has acquired The Lettings Hub, aiming to leverage their combined technology and expertise to deliver cutting-edge solutions, products and services to the UK lettings industry. 

West Hill investors participated in the transaction alongside two financial institutions, providing debt financing to facilitate the acquisiton, with the enlarged technology group becoming one of the largest, most profitable and fastest-growing tenant referencing businesses in the UK, with expansion plans also now accelerating across Europe and the US.

The acquisition represents a transformational deal for both businesses, designed to propel the group towards a large valuation in the medium term. The acquisition unites two leading property technology suppliers and marks a significant milestone in advancing a shared vision of delivering an improved rental experience for tenants, landlords, and letting agents.

The two businesses share a strong working relationship, and now, as a single entity, the companies can benefit from synergies across their product, data, and technology capabilities The acquisition will enable both brands to offer a broader range of enhanced propositions for agents and renters, and contribute to a better user experience, and a smoother rental process.

Heidi Shackell commented: 

‘The Lettings Hub team has worked tirelessly over the past 12 years to deliver fantastic lettings technology and products to our clients. 

Now we’re ready for our next chapter, and moving forward alongside Canopy, who we have already built a successful partnership with, we will capitalise on the strengths of both brands to deliver even greater value to the lettings sector.’

Chris Hutchinson added: 

‘For both businesses, this deal represents a transformative opportunity. 

Together, we now support over 2,500 letting agent clients, and our combined resources allow us to expand our integrated services beyond what either of us could achieve individually. By uniting our cutting-edge technologies and shared passion for innovation, we’re in a stronger position to deliver for tenants, landlords, and letting agents alike.

The deal comes at a time when consolidation in the lettings market is accelerating rapidly. Record numbers of estate and lettings agency sales are occurring, and both landlords and agents face growing challenges.’