The businesses' disruptive technology creates competition amongst the providers of legal services to the benefit of the consumer, whilst enabling legal providers using its technology to increase their revenue. Their core brand is eConveyancer which provisions conveyancing and legal searches for the residential market in the UK.
In 2011, LDC provided development capital for United Legal Services to support their future growth plans.
ULS operates in a large and growing market with UK residential conveyancing estimated at approximately £1.6bn per year (as at 2014). As at Sept 2014 ULS had over 7,500 mortgage brokers using its platform as well as over 150 solicitors and stands to benefit from increasing demand for online comparison services for residential conveyancing and related services.
This demand is being driven by end customers wanting better value for money and distributors needing to demonstrate that they are treating their customers fairly.
Developed over the last 11 years, the Group’s robust, award-winning platform is fully automated and accessed entirely online. This decreases the cost to the Group of each enquiry and enables it to service customers nationwide from a single office location. ULS’s focus going forward is on increasing end-customer satisfaction and this approach has been central to the Group’s success to date.
Following a 3 year hold ULS was floated on AIM in September 2014 and became ULS Technology plc.
In the short time LDC was involved with the business revenues increased five-fold from FY10 to FY14 of £16.3m. This alongside the desire to further develop the business, its products and services and create an independent platform acted as catalysts for the float.