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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.
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PEXA Group managing director and chief executive Glenn King said at the time that the acquisition would mean PEXA can demonstrate the benefits of its platform at scale — and “presents a fantastic opportunity to facilitate the rollout of digital property settlements in the UK”.
“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.
