Providence agrees to buy Hometrack
Private equity firm Providence Equity Partners has agreed to acquire property data and analytics firm Hometrack.
Hometrack provides data to help lenders assess and value residential assets to support underwriting decisions. It services 16 of the UK’s top mortgage lenders and provides digital infrastructure to firms to speed up processes.
Providence will work with Hometrack’s management team and support its continued investment in innovation and product development.
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.
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“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.”
Hometrack was acquired by Zoopla in 2017 for £120m.
