LDC finances expansion of online conveyancer

MID-MARKET private equity firm LDC has backed the expansion of a fast growing provider of software for online conveyancing and home buyer search services, with a significant injection of development capital.  

Oxfordshire-based eConveyancer, established in 2003, currently has a 2% share of the UK online conveyancing market and has recently secured contracts which will see this rising to 10% over the next two years.   

Its conveyancing software allows mortgage applicants, mortgage lenders, financial advisors and estate agents to search for and instruct a conveyancer online, comparing prices and tracking a case through to completion.

The firm’s search software enables solicitors to compare prices for home searches including land registry, local authority, environmental, water and drainage, and order these services online.

LDC’s investment will enable eConveyancer to capitalise on growth opportunities brought about by the increasing trend for conveyancing online. The firm’s market leading position means it is well placed to provide its software to other major lenders.

Martin Rowland and Kevan Leggett from LDC in Reading led the deal. Mr Rowland said: “Despite the challenging trading environment in the property industry during the past couple of years, eConveyancer has held its margins and grown dramatically, both in terms of product development and customer acquisition.

“This transaction is further evidence of LDC’s commitment to Britain’s SMEs, and especially those quality businesses in the region with ambitious management teams looking to drive growth.”

Nigel Hoath, managing director of eConveyancer, added: “We have recently won some high profile contracts with major lenders that will facilitate further expansion. Having a supportive and experienced private equity partner on board will help us to accelerate this growth trajectory, working to a strategy of winning additional business with other key lenders in the market and utilising our technology for the provision of other legal services online.

“LDC’s credentials in business support services and track record for developing high growth companies makes LDC an excellent strategic partner for us.”