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PEXA completes acquisition of remortgage processing firm
Australia-headquartered digital property exchange platform PEXA has finalised its acquisition of British property and remortgage law firm Optima Legal.
Jerome Doraisamy
In early September, PEXA (ASX: PXA) announced to the market that it was acquiring British remortgage processing firm Optima Legal from Capita, which has approximately 22 per cent share of the remortgage market and direct relationships with six of the UK’s top eight lenders.
“In Australia, the market understands and has already largely embraced the benefits of a digital property settlement solution, so we look forward to demonstrating that value to a new audience,” he said.
“A recent consumer survey conducted by PEXA concluded that as many as one in five UK mortgage borrowers looking to remortgage in the past 24 months abandoned the process altogether.”
The acquisition has now been completed, with the property exchange platform proclaiming that its finalisation “accelerates” PEXA’s growth plans in the UK.
Mr King said: “By integrating PEXA’s open exchange platform into Optima Legal’s systems, we will be able to demonstrate the benefits of our platform at scale, facilitating the adoption of PEXA’s open exchange platform in the UK market.
“Lenders can now choose to utilise PEXA’s technology differently, via Optima Legal, or via any UK conveyancing firm that integrates with the PEXA UK platform.”
The news follows the release of PEXA’s financial results in August, which showed a revenue increase of 27 per cent and more than $900 billion settled through the property exchange platform.
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly and HR Leader. He has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. In June 2024, he also assumed the editorship of HR Leader. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of the Minds Count Foundation.
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