UK property services provider TM Group has acquired Lawtech Software Group (LSG), which is the company behind Verify 365. Verify 365 is an AML risk and compliance KYC platform, offering solutions such as ID biometric checks, address verifications and PEPs/sanctions screening. The value has not been disclosed.
TM Group – which last year was acquired by private equity investor Aurelius from Dye & Durham – takes care of the entire conveyancing process but did not have onboarding capability, which is where LSG’s proprietary technology now fills the gap.
The companies began speaking last year and speaking to Legal IT Insider, LSG’s co-founder and CRO Azeem Rashid said: “This is a case of taking what we have and bringing it into the client portfolio to provide a unified journey for law firms and property and estate agents.”
TM Group on 4 March announced the appointment of Gary Barker as chief operating and technology office and Barker said in a statement: “TM Group sits at the heart of the homebuying journey, and this acquisition supports our objective to digitally transform this process and experience. Our mission is to ensure that the steps to buying a home can be made simpler and easier, which is why I am excited to integrate Lawtech’s products into our platform and to rapidly deploy ID checks, digital signatures, open banking, and address verification to our customers and partners, making the process faster, streamlined, efficient and all in one place.”
In a sign of what may be to come he said: “This is just the beginning of our innovation journey, and it demonstrates our commitment to change. I look forward to releasing more innovating products and solutions over the coming weeks and months to support our digital evolution for the future.”
LSG is only three years old and CEO Rudi Kesic said in a statement: “This next phase in our journey is a major milestone for Lawtech and a leap towards transforming the legal technology landscape. Joining forces with TM Group drives us even further forwards in scaling our innovations, enhancing our tech products, and driving greater efficiency in digitising legal processes for the UK legal and conveyancing sectors.”
newsroom@legaltechnology.com