Providence Equity Partners has agreed to acquire Hometrack, a provider of automated residential property valuations and risk data, from ZPG, the company announced on 14 August.
Why Providence Equity Partners is buying Hometrack
Providence's Robert Sudo said Hometrack is a market leader in automated residential valuations with a critical role in the mortgage ecosystem, and is well placed for long-term growth as lenders digitise. Providence plans to invest in innovation, product development and customer service alongside the existing management team.
“Hometrack is a market leader in automated residential property valuations, built on market-leading technology, deep customer relationships and a critical role within the mortgage ecosystem.”
Deal terms and financing
Financial terms were not disclosed. Hometrack's management team is staying with the business.
Regulatory approvals and timing
The transaction is subject to customary regulatory approvals.
Market context
Hometrack provides valuation technology and data for underwriting in the UK and the Netherlands. Online Marketplaces described the sale as a major step in Silver Lake's divestment of Houseful, which also owns the property portal Zoopla.
