ZPG Plc has acquired Calcasa, a provider of automated property valuations and statistical market analysis in the Netherlands, for €30.0 million (£26.5 million) on a cash-free, debt-free basis, with a performance-based earn-out of up to €50.0 million (£44.2 million).
Established in 2005, Calcasa is an automated valuation model and residential property market insights provider in the Netherlands. With the largest property database of over 10 million unique price points Calcasa provides property valuation and risk analysis to companies in the Dutch housing market including mortgage lenders, brokers, investors, surveyors, estate agents, developers, validation institutes, housing corporations, pension funds, government agencies, regulatory institutions, research companies and real estate funds.
Calcasa has a strong financial track record with a subscription revenue model underpinned by long term contracts with over 70% recurring revenues. The company generated €5.0m (£4.4 million) profit before tax in the year to 31 December 2016 and the value of Calcasa’s gross assets was £5.5m as at 31 December 2016. The total consideration represents a maximum multiple of 10x FY17-FY20 Net Profit for Calcasa.
Calcasa has an academic team of 15 based in Delft, Netherlands and following completion Calcasa will continue to operate as a standalone brand and platform led by its founders Evert Van de Wauwer and Bas Meeuwissen, who will be remaining with the business.
Commenting on today’s announcement Alex Chesterman, Founder & CEO of ZPG said, “We are delighted to announce the acquisition of Calcasa. The combination of Hometrack and Calcasa will give us unrivalled capabilities as an international property data platform and there is a clear opportunity to leverage our complementary products and relationships.
UK, London and Netherlands, EB Delft
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