The acquisition, first announced at the beginning of December 2011, means that MortgageStream’s customers will have direct access to multiple product channels including mortgage sourcing, e-trading, website provision plus a wide range of business partners offering cross sales opportunities.
The deal, completed for an undisclosed sum, will see 13.4% of authorised UK mortgage firms using either the Key, Mortgage Brain’s flagship point-of-sale, CRM and compliance system or MortgageStream.
Mark Lofthouse (pictured), CEO of Mortgage Brain, said: “Brokers using MortgageStream will now be able to benefit from the extensive range of products and services available from a larger, more broad-based organisation, which ensures that their current and future technology requirements are met for the benefit of all.
“Despite the difficult market conditions over the past two years we have become the only mortgage technology provider to attract new users and increase market share.”
Paul Holden, sales director at MortgageStream, added: “Our products and services complement enormously and our customers will now be able to benefit further from the support and backing Mortgage Brain’s technology to mortgage brokers.”
