Global private investment company TPG Capital has completed the purchase of UK conveyancing search giant SearchFlow [1] from MacDonald Dettwiler & Associates.
SearchFlow, a Legal Futures Associate, and other companies within the information products division will now operate as trading businesses within a new holding company established by TPG Capital, called Property Data Holdings. The existing SearchFlow management team will continue in place.
Andrew Lloyd, managing director of SearchFlow, said: “While it’s business as usual with the change of ownership, we are excited about the opportunities ahead for our customers as we look to expand and develop to support their needs now and in the future.”
Included in the sale are xit2, an online property data network which allows lenders and other clients within the mortgage industry send secure information to suppliers; Millar and Bryce, a Scottish private search firm; Rochford Brady, a Northern Irish ancillary legal services provider; Irish law search organisation Lawlink; and German joint venture business Wertwiser.
MDA Hub Limited, which manages the infrastructure and sales for NLIS, the national electronic gateway through which conveyancers access electronic search information, has also been sold.
Stuart Pearce, president and CEO of Property Data UK limited, said: “The completion of the sale marks the opening of an exciting new chapter in the growth and development of our businesses. As well as continuing to deliver the highest levels of customer support for our existing services, we look forward to working with the market to invest in and launch innovative new products to drive ever more operational efficiencies and value.”
Chris Cartwright, CEO of Property Data US, said: “We are excited to work with all of the experienced and committed employees in the US, UK and Canada. The global business units offer valuable, data-driven workflow solutions that enable real property related professionals to increase productivity and manage risk. With the resources and commitment of TPG, I believe we can expand both our capabilities and our customer base.”