ULS Technology has sold Conveyancing Alliance (Holdings) Limited and Conveyancing Alliance Limited (CAL) for £27.3m to Project Ophelia Bidco Limited, a company which also controls O’Neill Patient Solicitors LLP, the largest conveyancer on the CAL panel.
ULS acquired CAL in 2016 for £12.5m. It stated that CAL – unlike another subsidiary, eConveyancer – did not support its new vision to create a platform that will provide consumers with a seamless digital journey for moving house, remortgaging and managing their home.
The group has already processed over 20,000 home sale, purchase and re-mortgage instructions through its DigitalMove platform, none of which were introduced via CAL, and the board is continuing with its current investment plans in DigitalMove.
They are also working on an accelerated plan to develop a platform from which consumers can arrange the finance necessary to complete their house purchase, obtain the legal support needed to complete the transaction and select the insurance, utilities and other providers of services they need to run their home. These plans will be finalised following the arrival of the group’s new CEO, Jesper With-Fogstrup, and are expected to be communicated in the second quarter of 2021.
Martin Rowland, chairman of ULS Technology, said: “This is a pivotal moment for ULS with the disposal enabling us to accelerate our growth strategy. We believe that the consideration represents an attractive valuation, unlocking value for shareholders, whilst at the same time providing the capital to achieve our vision of building a digital platform that will transform the entire home moving and home owning process for consumers.”