Providence Equity Partners has agreed to acquire Hometrack, the residential property valuation and risk data provider, for an undisclosed sum.
Hometrack supplies digital valuation technology and property risk data to financial services companies, property investors and insurers in the UK and the Netherlands.
The company focuses particularly on mortgage lending, providing technology and data infrastructure designed to help lenders make underwriting decisions more quickly and consistently. It serves 16 of the UK’s 20 largest mortgage lenders and all of the 14 largest lenders in the Netherlands.
Providence, a private equity firm specialising in media, communications and education, said it would work with Hometrack’s management team and support further investment in product development, technology and customer service.
Robert Sudo, senior managing director at Providence, said: “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.”
Charlie Bryant, chief executive of Hometrack, said: “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.”
The transaction remains subject to regulatory approval. Deutsche Bank and Rothschild & Co acted as financial advisers to Providence, while White & Case was its legal adviser.
Hometrack was advised by Arma Partners and JP Morgan, with Freshfields acting as legal adviser.
