eConveyancer floats stocks on AIM to widen its scope
Founder Nigel Hoath, who owns 45.60% of the company, saw his share fall to 27.23% while Lloyds Development Capital floated some of its sizeable stake, falling from 38.77% to 16.46%.
The shares, which are in the name of parent company ULS technology, are currently trading for 40 pence each.
Hoath said: “This really shows confidence in the market and there is certainly growing confidence in the legal services sector. We’ve got new products due to launch and what I can say is that we are totally committed to the intermediary market.”
Hoath and eConveyancer first thought of the idea of a float on June 28th last year after a meeting with broker Numis.
Eddie Goldsmith, senior partner of conveyancer Goldsmith Williams, said: “It’s difficult to find out who is good at a particular piece of work.
“A comparison website gives the lay person an opportunity to compare and get ratings on lawyers by the people.
“It’s a good thing for the public. If they can see how people are rating the legal service they can have more confidence that their job is going to be done well.
“We are at the first stage of comparison websites but eConveyancer, through its float, could fill a niche in the market.”
Between 2004 and 2007 eConveyancer was in direct competition with Goldsmith Williams as they fought to become the largest online warehouse conveyancing proposition.
eConveyancer has since gone from strength from strength, successfully securing a contract with the Halifax in 2006 before working with Lloyds from 2010.
The platform can be offered directly to distributors and also customers both as an own-brand product and a white-label product using the same technology.
ULS technology also has arrangements with price comparison website Moneysupermarket.com and lenders such as BM Solutions.