Private equity firm Providence Equity Partners has agreed to acquire residential property valuation and risk data provider Hometrack for an undisclosed sum.
Hometrack supplies automated valuation technology and property risk information to mortgage lenders, investors and insurers across the UK and the Netherlands.
The company works with 16 of the UK’s 20 largest mortgage lenders and all 14 of the largest lenders operating in the Netherlands.
The transaction remains subject to regulatory approval.
INVESTMENT IN TECHNOLOGY
Providence says it will work alongside Hometrack’s management team and support further investment in technology, product development and customer service.
The private equity business specialises in investments across the media, communications, education and technology sectors.
Robert Sudo, Senior Managing Director at Providence Equity Partners, says: “Hometrack is a market leader in automated residential property valuations, built on market-leading technology, deep customer relationships and a critical role within the mortgage ecosystem.
“As lenders continue to digitise their operations and deliver faster, more seamless mortgage journeys for customers, we believe Hometrack is well positioned for long-term growth.
“We look forward to partnering with the team as they continue to innovate and strengthen the business.”
NEW CHAPTER
Charlie Bryant (main picture), CEO of Hometrack, says: “This marks an exciting new chapter for Hometrack. Our team has built a market-leading platform by helping lenders and other property market participants make faster, smarter and more informed decisions while improving the experience for their customers.
“Providence shares our long-term vision for the business, and we look forward to working together to continue investing in our technology, our people and the customers we serve.”
Deutsche Bank and Rothschild & Co acted as financial advisers to Providence, with White & Case providing legal advice.
Hometrack was advised by Arma Partners and JP Morgan, while Freshfields acted as its legal adviser.
