Verso Capital, the private equity owner of Mortgage 27, has completed the acquisition of the assets of CDS Group Ltd.
The acquisition is designed to provide a “full service software solution” for the mortgage sector, encompassing both back office and front end web solutions.
CDS Group was founded in 2008 by Peter Heigho, the original founder of Trigold. CDS is a specialist software house providing mortgage brokers and other financial intermediaries with a back office mortgage sourcing system, known as The Core.
Mortgage27 currently powers over 100,000 unique mortgage searches across nearly 100 different websites every month from brokers to estate agents and comparison sites.
It also provides mortgage market data and intelligence reports, subscribed to by banks, building societies and other firms in the mortgage industry.
Both businesses will form part of a new financial services software division within Verso Capital, which will be headed up by James Tucker, currently managing director of Mortgage27 and chaired by James Gray, chairman and CEO of Verso Capital.
Gray said: “Both Mortgage27 and CDS Group have the most technologically advanced systems in the market. Mortgage Brokers at both individual, company and network level have been looking for a seamless and efficient solution to managing the business process.
“The CDS systems significantly improve the efficiency of the mortgage application process by allowing seamless transmission of client data from web tools, to sourcing and CRM, through to application submission, without the need to re-key the data. This ensures a higher rate of success on application submissions, providing significant cost and time savings to both brokers and lenders.”
Heigho added: “We are delighted to see this deal come to a conclusion and become part of the Verso Capital portfolio of companies. This deal enables us to accelerate our development and bring these client driven solutions to market.
“We are talking to brokers, banks and building societies across the country and all are excited at the opportunity to deploy a system that will deliver significant time and cost savings.”