ULS Technology acquires entire share capital of Legal Eye
Legal Eye Limited (LEL) is pleased to announce that ULS Technology plc (AIM; ULS), the provider of online B2B platforms for the UK conveyancing and financial intermediary markets, has acquired the entire share capital of LEL and a 15% stake in Financial Eye Limited.
ULS offers a wide range of products and support services to the legal, property and financial services sector, the best known service to intermediaries being eConveyancer, the highly acclaimed and award winning conveyancing technology. ULS has also featured in the Sunday Times Tech Track 100 and is well placed to expand its presence in its current markets and to make inroads into new markets.
About Legal Eye Ltd (LEL)
LEL was founded in May 2009 by Jaunita Gobby, who will maintain her day-to-day involvement in the business. LEL delivers national coverage, to Solicitors and Licensed Conveyancers, through its employees and extensive network of Associates, who are not directly employed by LEL. Through its employees and associate network, LEL has delivered its services to approximately 350 firms since May 2009 and has approximately 130 active clients today.
LEL provides risk management and compliance consultancy services to the legal, financial and property sectors to ensure their clients comply with the regulatory framework in which they operate. Whilst LEL will continue to offer its current services on an independent basis, the Group will look to leverage its technology skills to enhance LEL’s business, and the Acquisition is expected to generate cross-selling opportunities across the wider Group.
Commenting on the acquisition, Nigel Hoath, chief executive officer, ULS, said:
“As outlined at the time of its IPO, ULS has a clear strategy for growth in the UK, comprising both organic growth and acquisitions. The acquisition of Legal Eye is a very positive move for the Group and will help us accelerate our growth as Legal Eye has already earned a strong reputation in its sector. However, we believe there is a significant opportunity to accelerate its growth and we are excited about how we can help achieve this as part of the Group. ULS’ existing business will also benefit from the acquisition of Legal Eye by enabling us to place a stronger emphasis on quality and risk management as a central element of our eConveyancing value proposition.
“Ultimately, by providing our customers with the highest level of oversight and protection, we expect to advance our leadership position as the market becomes ever more risk and compliance led.”
Commenting on the acquistion, Jaunita Gobby, managing director, Legal Eye said:
“Since the inception in 2009, LEL has experienced phenomenal growth and positioned itself as a leader in its sector with a best-in-class team. The acquisition will not only propel Legal Eye Limited but massively enhance our client services and support. ULS is a perfect partner for Legal Eye Limited and we look forward to this next exciting chapter.“
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