Smoove plc has this morning confirmed that it is in early discussions with PEXA Group Limited regarding a possible cash offer for the entire issued and to be issued ordinary share capital of the company.
Smoove – which provides a host of software solutions across the property market for conveyancers, lenders, agents, and more – stressed that discussions with PEXA remain at an early stage, adding that “there can be no certainty that an offer will be made for the company, nor as to the terms on which an offer may be made”.
As a consequence of this announcement, an offer period has now commenced in respect of the company. It is expected that by 22nd May 2023, PEXA will either announce a firm intention to make an offer for Smoove or announce that it does not intend to make an offer.
Smoove said a further announcement will be made as and when appropriate.
Who are Smoove?
Smoove plc has been providing software solutions for nineteen years. Their services include onboarding / homemoving software Smoove, conveyancing comparison platform eConveyancer, case management software DigitalMove, and compliance support from Legal Eye.
Who are PEXA?
Evolving from a government initiative in Australia more than 10 years ago, PEXA aims to bring financial institutions, lawyers, and conveyancers together through its platform to help homemovers safely settle their homes.
They are now bringing their technology, financial settlement model, and expertise to the United Kingdom, beginning with England and Wales.
Working in collaboration with the Bank of England, PEXA say they have introduced a “secure and resilient” way for their customers to complete housing transactions. Their technology aims to work alongside lenders, lawyers, and conveyancers in the United Kingdom, starting with remortgages (which launched in late 2022) and followed by their sale and purchase solution (launching 2024). Through this collaboration, they say their aim is “to support our customers in achieving greater operational resilience and efficiencies, and set the new standard for how Britons remortgage, buy, and sell houses”.
