Both companies expect this transaction to strengthen their market position with respect to the emerging Home Information Pack (HIP) business.
Xit2 will continue to operate as a standalone business unit. The existing management team remains unchanged and retains day-to-day control of the company.
Paul Duckworth, CEO of xit2, said: “MDA is an internationally known and respected multinational company which specializes in leading edge property information solutions for government and business customers worldwide. In the UK MDA is already a leading provider of authoritative property search information, and is one of the very first to offer an electronic precursor HIP solution.
"This relationship with MDA will provide us with the framework and resources required to maximize our expansion plans once the HIP market has become a reality next year.”
Daniel Friedmann, president and CEO of MDA, said: “xit2 represents another important building block in our strategy to become a leading supplier of property information in the UK. This acquisition accomplishes three strategic objectives in one: First, it significantly broadens our access to home surveyors to meet the demand for home condition report required for HIP; second, it provides us with access to the rapidly emerging market for home valuation solutions needed to approve mortgage applications in the HIP era; and third, it expands our role from being an information provider to participation in the exchange networks over which the information is safely and securely exchanged between financial institutions and professionals.”
