The provider of online B2B platforms for the UK conveyancing and financial intermediary markets has acquired the share capitals of Conveyancing Alliance Holdings and its wholly owned subsidiary Conveyancing Alliance, from Harpal Singh, Jitna Singh, John Phillips, Angela Phillips and Paul Duckworth in a cash payable deal, which includes an earn-out.
With net assets of £491,000, Conveyancing Alliance is seen as a direct comparator to ULS’ core conveyancing proposition, being described as “pure play” technology service specialising in the selection and instruction of conveyancing solicitors.
According to a statement the acquisition of Conveyancing Alliance increases ULS’ share of the conveyancing market, while further diversifying its conveyancing revenue sources. It is also in line with the group’s strategy of penetrating the estate agent introducer market.
Ben Thompson, ULS’ chief executive officer, said: “This acquisition is central to our strategy of growing market share in the UK conveyancing market and pursuing further growth via introductions from the estate agency market. Conveyancing Alliance has shown a strong track record of revenue and profit growth and fits neatly within ULS Technology and its plans for the future.
“Around half of all UK conveyancing is bought by consumers following estate agent recommendations. Currently ULS has little presence in this sector, which is one of the reasons that the strategic fit with Conveyancing Alliance is so strong. Our combined offering is intended to provide highly competitive pricing and a modern technology service that makes customers’ lives easier, enabling them to complete a home move painlessly and more quickly.”