xit2 acquired by EDM group
EDM Group, which has an annual turnover of over £70m and employs more than 1,300 staff in the UK and America, will invest in xit2 to further enable it to capitalise on the growing data exchange and technology needs in the mortgage and property sectors.
xit2 offers a range of products to help clients manage the various stages of the mortgage process. It enables lenders to exchange data with third parties such as surveyors, solicitors, estate agents and asset managers securely and cost effectively.
The platforms, including Residential and Commercial Valuation Exchanges and LPA Exchange support key transactions within mortgage lending such as valuation and asset management instructions. xit2’s customers include Nationwide, Virgin Money, Santander, Bank of Ireland, Barclays and Lloyds Banking Group.
xit2’s new managing director Joe Pepper, said: “I am delighted that xit2 has become part of the EDM family.
“It’s excellent news for our customers too because we will be part of a scalable, financially stable group that has the ambition to grow and develop a highly complementary set of products and services for the mortgage industry.
“The Council of Mortgage Lenders (CML) recently reported significant growth in the pace of mortgage lending in February 2014, with gross lending for the month of £15.2bn – 43% higher than February the year before.
“Meanwhile, the British Bankers Association (BBA) said that approvals for new purchases have climbed significantly and are now at their highest point since September 2007.
“The UK mortgage market is buoyant and demand for our products continues to rise.”
EDM Group’s CEO Sam Ferguson said: “This is a fantastic opportunity for us to widen the scope of services and products that we offer to companies operating in the mortgage industry.
“It’s a great match: EDM is focused on improving the efficiencies of back office processes and xit2 is well-known and respected for its property risk and data exchange platforms, which have become standard in the mortgage industry.
“Together we can offer a compelling set of propositions to organisations in the sector.”
EDM Group provides companies with effective and efficient ways to manage the rapidly growing volumes of information flowing into and through their businesses every day.
Clients include Nationwide Building Society, Legal & General, Colleys and esurv. It provides a range of information management services, including the digitisation and correct routing of incoming information and the scanning and online hosting of documents.
EDM Group has a strong presence in the UK and entered the US market in March 2013 with the acquisition of Diversified Information Technologies, now trading as EDM Americas.