"We look forward to welcoming Jesper in the new year to spearhead the next phase of our development."
Project Ophelia Bidco also controls O’Neill Patient Solicitors, which is the largest conveyancer on the Conveyancing Alliance panel.
In a statement, ULS said that Conveyancing Alliance "provides an effective but simple conveyancing comparison site to individual mortgage brokers, [but] does not support the Group’s vision".
ULS said its main operating brand, eConveyancer, provides "a more comprehensive conveyancing panel management service" to large mortgage broker networks, mainstream and specialist lenders.
Proceeds from the sale will be used to repay all of the Group’s existing debt facilities, leaving around £25m of pro forma cash on its balance sheet.
ULS says it then wants to create a platform that will provide consumers with a "seamless digital journey" for moving house, remortgaging and managing their home.
The Group has already processed over 20,000 home sale, purchase and re-mortgage instructions through its DigitalMove platform and will continue with its current investment plans in DigitalMove.
ULS is also working on an accelerated plan to develop a platform from which consumers can arrange the finance necessary to complete their house purchase, obtain the legal support needed to complete the transaction and select the insurance, utilities and other providers of services they need to run their home.
These plans will be finalised following the arrival of the Group’s new CEO, Jesper With-Fogstrup, and are expected to commence in Q2 2021.
Martin Rowland, chairman of ULS Technology, commented: “This is a pivotal moment for ULS with the Disposal enabling us to accelerate our growth strategy. We believe that the consideration represents an attractive valuation, unlocking value for shareholders, whilst at the same time providing the capital to achieve our vision of building a digital platform that will transform the entire home moving and home owning process for consumers. We look forward to welcoming Jesper in the new year to spearhead the next phase of our development.”
Andy Scaife, CEO of O’Neill Patient, added: “Conveyancing Alliance is an exciting acquisition for ONP. It is a great business which we intend to continue to operate as it currently does. We have consistently grown our market share by providing the very best service along with the very best technology platform, making our service one of the fastest and most comprehensive in the country. The ONP Group continues to trade well, as it has throughout the year, demonstrating the strength of the business.
“I want to emphasise the importance that we place on all introducers, panel managers, brokers and estate agents. We have worked hard over a number of years to build close working relationships and we intend to continue to work with all of our customer partners, across the industry, to provide the same exemplary service we have become well known for.”
