SYDNEY, AUSTRALIA: PEXA Group Limited, a leading digital property exchange platform and property insights solutions business in Australia, has announced its intention to acquire Smoove plc, a UK-based conveyancing technology provider.
The deal, which is subject to shareholder approval, will value Smoove at £30.8 million (A$58.6 million) and will be funded through cash held by PEXA.
Smoove offers a range of technology-based solutions to the UK conveyancing market, including e-Conveyancer, a panel management service that connects conveyancers and introducers such as mortgage brokers and lenders and their customers. Smoove also owns Legal Eye, a provider of legal compliance services.
The acquisition will further strengthen PEXA’s presence in the UK market, where it has already launched its first re-mortgage product and acquired Optima Legal, a specialist re-mortgage conveyancer. PEXA will also gain access to over 75 conveyancer firms through Smoove’s platform, as well as opportunities to cross-sell the PEXA platform to Smoove’s customers, such as Lloyds Banking Group.
PEXA Group CEO and Managing Director, Glenn King, said that the acquisition is aligned with PEXA Group’s strategy of enhancing and leveraging its property exchange know-how to deliver growth from different markets. He added that the acquisition will help PEXA address the inefficiencies and frustrations faced by consumers due to the UK’s fragmented conveyancing processes.