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PEXA to acquire up to 25% of Elula
Listed digital property exchange platform PEXA Group is set to acquire up to one-quarter of Australian artificial intelligence technology company Elula.
Jerome Doraisamy
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The investment by PEXA is expected to complete by the end of this financial year.
In addition, PEXA will be entering into a strategic partnership agreement with Elula, which the listed company said will “enrich the unique and timely property data that PEXA Insights is already unlocking for the property industry”.
“This is specifically relevant for the Australian banking sector where Elula currently provides key AI products to banks, credit unions, mutuals and non-bank lenders,” the company said in a statement.
“Many of these financial institutions are existing PEXA customers, offering considerable system efficiencies for PEXA’s financial institution and banking customers, which is one of the four key pillars of the PEXA Insights’ strategy.”
Speaking about the acquisition of up to 25 per cent of Elula by the company’s data and analytics business, PEXA Insights, PEXA chief data and analytics officer Scott Butterworth said: “As PEXA continues to build its reputation as a trusted leader and resource for robust, real-time property data, it is critical we continue to identify opportunities that extend our offering and enhance the property ecosystem to best meet the needs of Australian consumers.
“We are truly excited to be partnering with some of Australia’s leading data scientists at Elula. PEXA’s strong financial institution network, credibility, and additional market-wide refinancing data, can support Elula in gaining greater access and conversion with the major banks, as well as strengthen Elula’s product suite.”
Elula co-founder and co-chief executive Josh Shipman added: “Our goal, since we started, has been to make a meaningful and positive difference to businesses through the use of AI.
“We’re excited by what the PEXA partnership will bring to further achieving this goal. Elula is delighted to be partnering with PEXA and this investment will allow us to accelerate our strategic growth plans by bringing new products to market.”
Mr Shipman’s co-founder and co-chief executive, Sarah Russell, also noted that the investment by PEXA “brings together two leading data businesses. It will allow us to further enhance Elula’s proven product offering and develop new ways to add value for customers in an ever-changing environment.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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