Lakeba Group revealed that it acquired Titlexchange for a 1 per cent stake in its document collection and validation platform Ezidox.
Titlexchanage, a marketplace that connects property buyers and sellers to conveyancers, is valued at $2 million.
The e-conveyancing marketplace will be integrated with Ezidox, “expanding Ezidox’s document collection automation to include conveyancing [and] eliminating the need for documents to be exchanged between multiple parties, multiple times”.
Lakeba Group CEO Giuseppe Porcelli explained: “Enter name, birthdate, address and shoe size, if you must, once; and it’ll appear correctly and uniformly across all documents required when buying, selling or transferring property.
“It’s so obvious that I’m surprised nobody’s built it before.”
The Ezidox-Titlexchange integration is slated for completion by the end of the September 2019 quarter and will be available to 16,000 brokers nationwide.
“This acquisition makes perfect sense in terms of what the mortgage sector needs. The industry is under stress – a clear front-runner for automation, machine learning and artificial intelligence, not to supplant people, but to free brokers and others from work made for computers to process,” Mr Porcelli said.
Lakeba Group last month announced appointing a new non-executive director, Roy McKelvie, who is the chairman of several finance companies, including AMB Capital Partners, CapRaise Financial, Encompass Corporation, Shiva Acquisitions, Sonder Holdings Ltd and Infocus Wealth Management.
The group, which has created products covering the data, distribution, document management, loyalty, payments, retail and financial services sectors, is also set to launch a new product, Ezifin, aimed at improving the mortgage process.
Tas Bindi is the features editor on the mortgage titles and writes about the mortgage industry, macroeconomics, fintech, financial regulation, and market trends.
Prior to joining Momentum Media, Tas wrote for business and technology titles such as ZDNet, TechRepublic, Startup Daily, and Dynamic Business.