The launch represents the first technology-sharing arrangement between Search Acumen and its new owner InfoTrack.
Search Acumen has added an electronic client onboarding solution (eCOS) to its suite of digital conveyancing tools, in the first technology sharing arrangement between the business and its new owner InfoTrack.
The expansion of Search Acumen’s product range is part of its plan to deliver a full end-to-end digital due diligence experience for residential and commercial property transactions.
To date, the business has integrated more than 60 datasets into its on-demand platform ForeSite, developed artificial intelligence (AI) tools to streamline processing, and been involved in the first blockchain trial for property transactions.
eCOS allows law firms to collect essential client information and conduct verification checks through an online platform, which allows data to be shared between client and conveyancers securely.
Tasks made possible through eCOS include verifying identities and proof of funds, completing onboarding questionnaires and Law Society protocol forms and signing and returning client care documents.
Andrew Lloyd, managing director at Search Acumen, said: “Joining forces with InfoTrack while continuing to operate independently under the Search Acumen brand will enable us to accelerate our vision to transform the experience of property law through digitised data and processes.
"This milestone is a resounding vote of confidence in our ability to enhance the present and shape the future of the market.
“The partnership will allow us to grow the business and develop new technological solutions for our customers, while continuing to leverage our reputation as an innovator in digital conveyancing technology.
"This joint commitment is already bearing fruit.
"Incorporating InfoTrack’s onboarding technology into Search Acumen’s proposition puts us one step closer to a complete end-to-end digital journey for property due diligence, saving lawyers and their clients hours of time and dragging property transactions into the 21st Century.
“This couldn’t come at a better time as the booming property market, combined with the realities of operating through the pandemic, has brought into sharp focus the necessity of leveraging technology to drive efficiencies in the property buying process.”
Scott Bozinis, chief executive at InfoTrack, added: “Search Acumen is one of the UK’s most exciting proptech businesses, which has made huge strides in driving the digitisation of the conveyancing process, helping firms to work more efficiently to deliver better insights and service to their clients.
"This work has never been more important as the market has faced exceptional levels of demand in the last 12 months.
“Collaborating with the Search Acumen team allows InfoTrack to develop its technology further, address gaps in our product coverage, and benefit from the reputation Search Acumen has built as a leader in its field that habitually challenges the status quo.
"We are excited about the future and believe that our two brands are perfectly aligned to develop and implement a digital-first mindset for residential and commercial firms across the property market.”
