My Home Move is the UK’s leading provider of conveyancing services. Established in 2001 the business is headquartered in Leicester with around 1,100 employees in the UK and India.
My Home Move has two core audiences, clients who are undertaking conveyancing and financial services firms, such as banks, real estate agents and mortgage brokers involved in the transaction. It is disrupting property buying in England and Wales by providing a portal for clients to manage conveyancing in real-time, automating and improving the efficiency of the process, as well as providing financial services firms with real-time reporting and updates on cases.
Smedvig Capital, a London-based venture capital firm with an investment focus in the UK and Nordics, first invested in My Home Move in 2005. It began to consider an exit a few years ago and so undertook a number of projects to prepare. Intuitus supported the process with both exit readiness and vendor due diligence.
The use of technology is critical to My Home Move’s business model with clients accessing services via an online case management portal (eWay) and third-party stakeholders having direct integration into My Home Move’s systems.
How Intuitus Helped
My Home Move selected Intuitus in 2014 to undertake due diligence on a potential acquisition. When the time came to choose an exit readiness provider Intuitus was once again part of the mix.
“When we started the build-up towards the exit we wanted to do an exit readiness assessment. We asked a number of potential suppliers to pitch and we liked Intuitus.” says Paul Tennant, IT Director at My Home Move, “We got on well with the team, they understood what we were trying to achieve, what needed to be done and we also recognised that Intuitus had a good name in the private equity market. At that time we had been anticipating a sale to another private equity firm and therefore having a recognised technology advisor in that space providing vendor due diligence should smooth the path somewhat.”
“The exit readiness assessment was a smooth process and we very much liked the lead consultant which is why, when we needed to get vendor due diligence done, we wanted to work with Intuitus again. They were a known and trusted advisor and I rated the team very highly.”
“They were very pragmatic - not the type of consultants that have spent their whole lives in a consultancy firm without having earnt the spurs themselves. They’ve been there, done it and understand the realities of business so I respect their views very highly. I thought the team had a very sensible approach to how we tackle challenges in both the exit readiness and vendor due diligence reviews.”
Results, Return on Investment and Future Plans
Instead of a sale to private equity, as expected, My Home Move merged with Simplify Group, which is backed by Palamon Capital Partners.
“Palamon went through the vendor report in quite a lot of detail and there were various questions they raised with me. I did encourage them to talk to Intuitus directly if there were any other questions but they didn’t need to. I think this is very positive in that they trusted the report and they have a sense of what it was they were getting. The information in the report was all they needed to feel comfortable with proceeding with the transaction.” says Paul.
“Intuitus were very helpful both in preparing My Home Move for an exit with their exit readiness review and then contributing to an efficient sale process – their IT vendor due diligence is both a comprehensive overview and easy to digest,” adds Robert Toms, Managing Director at Smedvig Capital.
As the conveyancing market continues to consolidate and processes move online the new combined group of My Home Move and Simplify Group is in an excellent position to make the most of the opportunity.