The combined business, Trigold Crystal, will bring together Trigold’s Prospector sourcing system and Crystal’s Momentum web-based point-of-sale and customer relationship management platform to a user base of around 25,000.
Martin Colyer, managing director of Trigold, has been working on the deal for the past couple of months and will become joint chief executive of the enlarged business.
He is confident of the support of two of Trigold’s major shareholders, Abbey and Prudential, and says that the merger will take place under a share deal arrangement.
Trigold Crystal will continue to honour all existing agreements and offer Prospector, Momentum and Dashboard systems.
The business also plans to consider an online direct-to-consumer proposition and move its sourcing software online.
Colyer says: “This is an exciting chapter in the growth of the business. This merger is a superb fit and will allow us to work as a unified team to deliver the next generation of software solutions to the market.”
Joining Colyer as joint chief executive will be Crystal managing director Jon Whitmore.
Whitmore says: “The combination of our CRM experience and Trigold’s sourcing know-how will be key. We are pleased to be creating an exciting product by bringing the systems together.”
Richard Ang-liss, managing director of Home Buyer Systems, says the tie-up is surprising as Trigold’s rival Mortgage Brain is housed in the same building as Crystal.
But he adds: “I can see why these two firms would get together. It’s a sign of the times that businesses are rationalising.”
Paul Fradgley, chief executive of Evaluate Technologies, says Trigold has further to go in developing its proposition.
He says: “This is an interesting move but it doesn’t solve Trigold’s immediate problem. Its system does not represent lending policy accurately and it hasn’t got a solution that allows brokers to transact with consumers online.”