Australian legal information services provider InfoTrack has signaled an aggressive global acquisition strategy with an agreement to acquire the largest independent property search company in England and Wales, STL Group PLC.
According to Mr Wood, chief executive of InfoTrack, “Australia has a track record in developing new technologies then – for a range of well documented reasons - we end up selling the farm to overseas interests”.
“We have developed a great business here and we are determined to keep it in Australian hands while at the same time enhancing our offering to the legal profession, not just in Australia but in key legal jurisdictions around the world,” he commented.
Mr Wood went on to say that not only was the acquisition good for Australia, it will also deliver enormous benefits to STL clients with significant investment planned for STL’s technology platform. The STL business has been operating across the UK for over 40 years, and he looks forward to further growing what is already a strong business.
“We believe the UK market has great opportunities for a high-quality, integrated search offering that doesn't exist there yet and STL is an excellent foundation for us to bring that offering to market for the benefit of firms. Their reputation, client base and business partnerships will make it very easy for us to replicate the great success we have had locally,” said Mr Wood.
“STL is the perfect strategic fit for us,” added Mr Wood. “Their business model and integration with LEAP UK and other legal software providers mirrors how we do business in Australia and we look forward to working with them to develop and cement their position as a leading legal search provider in the UK”.
STL provides solicitors, conveyancers and property professionals with extensive commercial and residential property searches in addition to company searches, anti-money laundering searches, EPCs and surveys and property insurance services. STL will continue to operate as its own brand.
“This is a fantastic opportunity for STL,” commented Alan Thorogood, CEO of the STL Group. “We share a vision with InfoTrack of providing all conveyancing searches and an excellence of service combined with market leading technology. The UK search market is ripe for innovation – by combining data with systems, we aim to make the search process as efficient and seamless as possible for our clients”.
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