EDM Group bought the network for an undisclosed fee earlier this week, and suggests its investment will further enable the company to benefit from the growing technology and data exchange needs, within the property and mortgage sectors.
The Wolverhampton-based group employs over 1,300 staff in the UK and America and has an annual turnover of £70 million.
xit2 offers a range of products that allow lenders to securely exchange data with third parties such as estate agents, surveyors, solicitors and asset managers.
xit2’s customers include Nationwide, Virgin Money, Santander, Bank of Ireland, Barclays and Lloyds Banking Group.
xit2 Managing Director Joe Pepper said: “I am delighted that xit2 has become part of the EDM family. It’s excellent news for our customers too because we will be part of a scalable, financially stable group that has the ambition to develop a complementary set of products for the mortgage industry.”
The company was previously owned by Decision Insight Group, a provider of risk management and due diligence solutions.
EDM Group’s CEO, Sam Ferguson, said: “This is a fantastic opportunity for us to widen the scope of services and products that we offer to companies operating in the mortgage industry.
“It’s a great match: EDM is focused on improving the efficiencies of back office processes and xit2 is well-known and respected for its property risk and data exchange platforms, which have become standard in the mortgage industry.
“Together we can offer a compelling set of propositions to organisations in the sector.”
EDM’s growing client base spans organisations from all sectors including financial services, public sector (central & local government and NHS), professional services, manufacturing, distribution, retail, pharmaceuticals, private healthcare, utilities and charities.
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