CVC, a global private markets manager, has acquired a majority stake in OpenRent, a rental platform established in 2012. This strategic partnership is intended to accelerate OpenRent's growth and the development of new technology.
OpenRent's founders, Adam Hyslop and Darius Bradbury, will retain significant shareholdings and continue in their roles as chief executive and chief technology officer, respectively. The platform, which provides services including property advertising, tenant search, referencing, contracts, deposits, and rent collection, states that over one in five UK tenancies now utilise its services.
Following the investment, OpenRent plans to develop new tools for landlords and tenants and further invest in its platform. The focus will be on reducing administration, complexity, and costs throughout the rental process. The transaction is currently subject to customary regulatory approvals and is anticipated to be completed later this year.