Pexa expands UK business, buys tech provider Smoove

The news: Online property settlements company PEXA will buy UK-based conveyancing technology provider Smoove to expand its presence in the country’s property market.

The numbers: PEXA said it will acquire Smoove for a consideration of £30.8 million ($58.6 million) on a fully diluted basis. The acquisition will be funded through existing cash holdings and a new $40 million loan facility.

The context: The acquisition of Smoove, which provides technology-based solutions to the UK conveyancing market, will deepen its presence in the UK market, PEXA said. The Australian group entered the UK last year as its first overseas expansion, and has been looking to build scale in the fragmented conveyancing market. The acquisition is expected to be completed in the fourth quarter of 2023.

What they said: “The acquisition is aligned with PEXA Group’s strategy of enhancing and leveraging our property exchange know-how to deliver growth from different markets, including in other Torrens title jurisdictions, starting with the UK,” PEXA Group CEO Glenn King said.