Hometrack, Part of Houseful Group, to be Acquired by Providence Equity Partners

Providence Equity Partners has agreed to acquire Hometrack, part of Silver Lake's Houseful Group. Financial terms have not been disclosed.

Hometrack is a leading provider of residential real estate digital valuation and property risk data & analytics in the UK and the Netherlands.

The company's AVM is used by 16 of the 20 largest U.K. lenders and all 14 of the largest Dutch lenders.

According to a press release on Providence's website, the transaction is subject to customary regulatory approvals, while the management team will also be retained. Providence added that it will "support continued investment in innovation, product development and customer service."

Robert Sudo, Senior Managing Director at Providence, said:

"Hometrack is a market leader in automated residential property valuations, built on market-leading technology, deep customer relationships and a critical role within the mortgage ecosystem. As lenders continue to digitise their operations and deliver faster, more seamless mortgage journeys for customers, we believe Hometrack is well positioned for long-term growth. We look forward to partnering with the team as they continue to innovate and strengthen the business."

Charlie Bryant, Chief Executive Officer of Hometrack, said, "Providence shares our long-term vision for the business, and we look forward to working together to continue investing in our technology, our people and the customers we serve."

The sale of Hometrack marks a major step in Silver Lake's divestment in the holding group that also includes the UK's number two real estate portal, Zoopla, which has been rumoured to be up for sale for several years.