Digital property settlements platform PEXA is expanding its offering after acquiring environmental analytics company Land Insight.
PEXA has acquired a 100 per cent stake in the Sydney-based data and analytics startup, which provides details on environmental risks such as natural hazards, pollution, and ground hazards.
The move will mean property owners can access more up-to-date information on the environmental factors that could impact their properties, allowing them to make important decisions about property ownership.
PEXA Group Managing Director and Chief Executive Officer, Glenn King, said the acquisition of Land Insight would open up new growth opportunities for the company and help consumers better understand environmental risk factors
He said there are currently increasing levels of demand for data use in managing and mitigating environmental risk.
“There are currently limited opportunities for our B2B and B2G customers to acquire this data at scale, given the fragmented nature of the industry,” Mr 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.”
Mr King said the acquisition will allow PEXA to improve its current offerings.
“It’s significant given the impact these decisions can have, for example, on property valuations, rates and land taxes,” he said.
“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.
Mr King said Land Insight’s expertise will go hand-in-hand with other PEXA-owned companies, such as Value Australia, which aims to unlock the benefit of the $10 trillion Australian property industry.
He said the ability to overlay robust environmental risk information, to the $710 million valuations services industry offers promising growth prospects for the Aussie start-up.
The move also comes as Value Australia prepares to launch its first major pilot program, announced earlier this year.
Managing Director at Land Insights, Ana Ouriques, welcomed the opportunity to be backed by the PEXA Group and was bracing for rapid growth.
“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,” Ms Ouriques said.