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ULS Technology sells Conveyancing Alliance for £27.3m
StockMarketWire.com
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Conveyancing group ULS Technology said it had sold its Conveyancing Alliance subsidiaries for £27.3 million and would use the proceeds to pay off all of its debt.
The assets had been sold to Project Ophelia Bidco, a company which also controlled O'Neill Patient Solicitors.
ULS Technology said its main operating brand post the disposal, eConveyancer, delivered around £5 million of earnings before interest, tax, depreciation and amortisation in the year to 31 March.
'It has become increasingly clear to the board that Conveyancing Alliance, which provides an effective but simple conveyancing comparison site to individual mortgage brokers, does not support the group's vision,' the company said.
'In contrast, eConveyancer's technology and B2B relationships provide a more comprehensive conveyancing panel management service to large mortgage broker networks, and to mainstream and specialist lenders.'
'This creates a number of touch points with homebuyers and home owners which is a core part of the group's strategy and its DigitalMove proposition.'
At 9:38am: (LON:ULS) ULS Technology Plc share price was 0p at 57.5p
Story provided by StockMarketWire.com
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