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Evaluate to be pulled from administration

Evaluate Technologies is to be plucked out of administration and the assets transferred to another company, Mortgage Strategy understands.

The sourcing system provider is to enter administration this month but staff wages and client contracts are expected to be unaffected by the transition.

Valentine & Co is acting as administrator for the software firm, which is thought to be planning to transfer its assets and staff to another technology firm owned by the company’s founder Peter Carron.

But Mortgage Strategy understands that some redundancies have already been made.

One source close to the deal tells Mortgage Strategy: “The firm has been through a difficult time but it will be business as usual once the assets are transferred.

“Evaluate will enter administration in an orderly fashion, and all existing contracts and staff will be paid.”

See today’s issue of Mortgage Strategy for more details….

Recommended

JONATHAN CORNELL, HEAD OF COMMUNICATIONS, FIRST ACTION FINANCE

Marketwatch

Call me controversial but I’m not sorry the FSA has escaped the axe and I also have some sympathy with what Grenville Turner said about brokers’ power – he was misunderstood

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Comments
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  • anonymous 17th May 2010 at 1:51 pm

    Really? someone should tell the staff that as they have not been paid since March

  • anonymous 17th May 2010 at 1:50 pm

    REally? someone should tell the staff that as they have not been paid since March

  • Jonnie Dinsdale 17th May 2010 at 10:22 am

    Indication again that there’s too many players in the sourcing market.

    Product numbers are 90% down from 2-3 years ago and goodness knows how many brokers have abandoned mortgages……..demand for sourcing systems must be falling

    Evaluate are just following Network Data (maybe they shouldn’t have bought the remnants of N Data’s sourcing product) into crash mode.

    Having said that Evaluate had the best product of all – as is often the case

    How can Trigold, Mortgage Brain, Homebuyer etc continue to trade? Few more to go I’d say – real shame if Trigold or Brain reach monopoly status

    JD

  • D 17th May 2010 at 9:33 am

    Its a shame that the company did not think to tell the above to the majority of the evaluate staff that have not been paid since March, and were made redunadant 3 weeks ago after being told the administrators were already in!

  • rob everett 17th May 2010 at 8:48 am

    Rob

    Were you aware of this?

    John

  • john cowan 17th May 2010 at 8:47 am

    Rob

    Were you aware of this?

    John