Canopy (Insurestreet Limited), a tech firm supplying lettings referencing services, has acquired its rival The Lettings Hub.
The brands are still set to operate separately, though they will utilise the same technologies with the remit of delivering an improved rental experience for tenants, landlords, and letting agents across the UK.
Chris Hutchinson, chief executive officer of Canopy, said: “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 two firms had previously worked together.
Heidi Shackell, chief executive of The Lettings Club, said: “The Lettings Hub team has worked tirelessly over the past 12 years to deliver fantastic lettings technology and products to our clients.
“I’m incredibly proud of what we’ve achieved & the strong relationships we’ve built, and I’m also enormously grateful to every client that has used our services, every employee who has been a part of our growth journey, and to our shareholders for their unwavering support.
“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.
“With 2025 set to be a transformative year for the lettings market, my focus remains firmly on guiding our business to meet the evolving needs of letting agencies, particularly as Renters’ Rights legislation takes shape, over the next 12 months”
The deal is said to be motivated by consolidation in the lettings market, combined with record numbers of estate and lettings agency sales.
Shackell added: “Together, Canopy and The Lettings Hub are well-positioned to lead the way in PropTech innovation.
“Our clients can be confident in both our ability to deliver innovation, and of the strength and reliability of the products and services they use to support landlords and tenants alike.”
Canopy was founded in 2015, while BOX, the provider The Letting Club, has been in business for 12 years.