Verso Capital, the owner of mortgage data and software company Mortgage 27, has acquired the assets of sourcing system provider CDS Group for an undisclosed sum.
Both businesses will form part of a new financial services software division within Verso, which will be headed up by current Mortgage 27 managing director James Tucker and chaired by Verso Capital chairman and chief executive James Gray.
Verso Capital is an international private equity firm, while Mortgage 27 provides mortgage calculator and sourcing tool to brokers, lenders, estate agents among others.
Mortgage 27 says it currently powers over 100,000 mortgage searches across nearly 100 different websites each month. The firm also provides mortgage market data and reports to banks and building societies.
CDS Group was founded in 2008 by Peter Heigho, the original founder of Trigold, and is a specialist software house providing mortgage brokers with a back office mortgage sourcing system, known as “The Core”.
Gray says: “Mortgage Brokers at both individual, company and network level have been looking for a seamless and efficient solution to managing the business process.
“The CDS systems significantly improve the efficiency of the mortgage application process by allowing seamless transmission of client data from web tools, to sourcing and CRM, through to application submission, without the need to re-key the data. This ensures a higher rate of success on application submissions, providing significant cost and time savings to both brokers and lenders.”
Heigho says: “We are delighted to see this deal come to a conclusion and become part of the Verso Capital portfolio of companies. This deal enables us to accelerate our development and bring these client driven solutions to market.
“We are talking to brokers, banks and building societies across the country and all are excited at the opportunity to deploy a system that will deliver significant time and cost savings.”
London & Country associate director of communications David Hollingworth says: “Presumably the focus here is for brokers to use this as their primary sourcing software and you can see the benefits of bringing together front and back-end options into one platform.
”The success of the new platform will depend on how easy it makes life for brokers – of course if there is a single platform that brings together all of the market efficiently, it makes for an effective end-to-end solution for brokers.”