LDC, part of the Lloyds Banking Group, is backing the expansion of eConveyancer, a provider of software for online conveyancing and home buyer search services, with an injection of development capital.
The online conveyancing firm, eConveyancer, was established in 2003 and currently boasts a 2% share of the UK online conveyancing market but has managed to secure contracts that are set to increase their market share to 10% over the next two years.
The firm provides conveyancing software which allows applicants, lenders, financial advisors and estate agents to search for a conveyancer online, compare prices and even instruct online as well as track an existing case through to completion.
Solicitors who use the software can compare prices for all of the usual home buyer searches including Land Registry, Local Authority, Environmental and water and drainage searches and the software also enables them to order those searches online.
The Investment from LDC will allow eConveyancer to take advantage of growth opportunities brought about by the increasing trend for online conveyancing.
Martin Rowland and Kevan Leggett from LDC in Reading led the deal. Martin commented: “Despite the challenging trading environment in the property industry during the past couple of years, eConveyancer has held its margins and grown dramatically, both in terms of product development and customer acquisition.
This transaction is further evidence of LDC’s commitment to Britain’s SMEs, and especially those quality businesses in the region with ambitious management teams looking to drive growth.”
Nigel Hoath, managing director of eConveyancer, added: “We have recently won some high profile contracts with major lenders that will facilitate further expansion. Having a supportive and experienced private equity partner on board will help us to accelerate this growth trajectory, working to a strategy of winning additional business with other key lenders in the market and utilising our technology for the provision of other legal services online.
LDC’s credentials in business support services and track record for developing high growth companies makes LDC an excellent strategic partner for us.”
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