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Highlights
- PEXA’s data and analytics arm, PEXA Insights will be buying 25% interest in Elula.
- PEXA will also be entering into a strategic partnership with Elula.
- Market capitalisation of PEXA is AU$2.68 billion.
Real estate company, PEXA Group Limited (ASX:PXA), shared today that PEXA Insights will acquire up to 25% interest in an Artificial Intelligence (AI) company, Elula. Also, the company is going to ink a strategic partnership deal with Elula. The transaction is expected to be completed by the end of June 2022.
PEXA is an ASX-listed firm that operates a digital property settlement platform. PEXA claims that it is one of the fewer platforms that let the user lodge documents with the land registry and, at the same time, pay the settlement funds. The platform empowers the user to settle a range of property-related transactions online. It works with conveyancers and lawyers throughout the process of property settlement. PEXA Insights is a data and analytics business of PEXA. It offers comprehensive property content focused on Australia.
The shares of PEXA were spotted trading 0.793% down at AU$15.00 apiece at 11:27 AM AEST. The shares have lost by 1.64% in the last five trading sessions. The broader benchmark index, ASX200 A-REIT, was, however 0.40% up.
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About Elula
Elula supports businesses in smarter decision makings via using the data intelligently. This Australian company developed a proprietary technology by deploying machine learning and AI. The technology is specialised in customer acquisition and retention. The signature products have shown positive results for financial institutions regarding customer engagement and satisfaction.
The AI-based technology helps in predicting the loan that the customer will refinance. In addition to this, the technology also helps forecast the financial institution most likely to be chosen by customers for taking additional services and products.
Image source: © Wrightstudio | Megapixl.com
The rationale behind the tentative transaction
The strategic partnership between Elula and PEXA will add to the timely and unique property data that is already collected by the PEXA Insights. The partnership is expected to reap good results for the Australian banking sector as, according to the ASX-announcement, there is an alignment in the banking customers of PEXA and Elula.
On the development, chief data and analytics officer of PEXA, Scott Butterworth, commented that it is critical that the company continuously identify opportunities to enhance its property ecosystem and offerings to meet the Australian consumer’s needs efficiently. Butterworth added that:
Sarah Russell, co-CEO and co-founder of Elula, commented on the news,
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