ULS Technology takes chunk of HomeOwners Alliance

The AIM-traded provider of online B2B platforms for the UK conveyancing and financial intermediary markets said the HomeOwners Alliance website was originally launched in 2012 as a membership organisation, serving up independent expert property-related articles and advice to homeowners and prospective buyers in Britain.

It was now a leading UK property website, ULS's board explained, offering third party services for homeowners and those buying and selling domestic property in the UK.

The website received almost three million visits in 2015, and at current rates of growth was on tract to receive around five million visits in 2016.

"ULS is delighted to have the opportunity to make an investment in this exciting, growing business which is focussed on the property sector within which ULS also operates," said CEO Ben Thompson.

"Our conveyancing and estate agency comparison products, which offer choice and value to the customer fit perfectly with HOA. In partnership with HOA we expect to provide expertise and funding to help them continue to grow while providing a direct-to-consumer platform for our products that fits both companies' corporate values," he added.

Under the terms of the investment, ULS would integrate its eConveyancer technology into the HOA website, allowing visitors to obtain a conveyancing quote from ULS's panel of solicitors firms and conveyancers.

The company's board said such an integration would increase B2C volumes through eConveyancer.

Consideration for the 35% issued share capital of HomeOwners Alliance was valued at £575,000, of which £520,000 was to be satisfied through the company's existing cash resources.

The remaining £55,000 would be satisfied through the issue of 100,182 new ordinary shares of 0.4p to be allotted to founder and CEO of HOA, Paula Higgins. ULS also lent £100,000 to HOA to repay shareholder debt outstanding to Higgins.