Startup specialises in evaluating natural hazards, pollution, and ground hazards
PEXA Group, the operator of the world's first digital property exchange platform, has announced the acquisition of Land Insight, an Australian environmental risk data analytics company.
This acquisition comes at a time when governments and industries are seeking important benchmarks to address pressing issues like the need for increased housing supply and the impact of climate change.
Based in Sydney, Land Insight is a startup that specialises in quantifying and evaluating natural hazards, pollution, and ground hazards. It assists government bodies, banks, financial institutions, and other organisations in understanding the environmental risks associated with land and property. By providing access to data modelling, insights reports, and a data-as-a-service subscription model, Land Insight allows consumers to make informed decisions regarding property ownership.
Glenn King (pictured above), managing director and CEO of PEXA Group, said that the acquisition of Land Insight will unlock new growth opportunities in the climate resilience market.
“The impact of climate change is driving increased demand for data use in managing and mitigating climate risk. However, there are currently limited opportunities for our B2B and B2G customers to acquire this data at scale, given the fragmented nature of the industry,” King said. “PEXA will leverage Land Insight’s deep technical capabilities to provide customers with robust and accurate climate risk data so they can assess and respond to the increasing impacts of natural hazards on the use and value of land. It’s significant given the impact these decisions can have, for example, on property valuations, rates and land taxes. I am thrilled to welcome the Land Insight team to the PEXA family. This is an important step towards extending and enhancing our Digital Growth offering as we unlock the future value of property in Australia.”
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King also highlighted the synergies between Land Insight's climate risk expertise and the work of other companies within the PEXA Group, such as Value Australia, which focuses on leveraging the potential of the $10 trillion Australian property industry.
Land Insight's ability to overlay robust environmental risk information onto the $710 million valuations services industry presents promising growth prospects for the Australian startup, PEXA said. This development aligns well with Value Australia's upcoming major pilot program, which was announced earlier this year.
Ana Ouriques, managing director at Land Insight, also expressed excitement about the deal.
“With the support of PEXA’s deep industry expertise and connections, we can accelerate Land Insight’s path to commercialisation for the benefit of the industry and continue our advocacy as the true honest brokers in a complex and critical sector that is the engine room of the economy,” she said.
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