The ASX (ASX:ASX) has entered the electronic property settlement market by partnering with Australia’s leading eConveyancing tech and process business, all to offer, lawyers, conveyancers, and finanical companies a more streamlined and efficient way of settling properties.
The ASX will invest $30 million in the new JV across this and next financial year, with further investments in 2019 and 2020, which it says will break even in FY2021.
The electronic property settlement business is a lucrative one with revenues of over $200 million and subject to regulatory approvals the JV will begin operations at the end of this year, aiming to capture some of those funds.
As for the fine print, the business, or JV is called Sympli Australia, and its co-owned 50:50 by Australian Technology Innovators (ATI), which is the parent company of InfoTrack and the ASX.
Shares in the ASX (ASX:ASX) are trading up 0.15 per cent higher at $60.29.