DIGITAL property settlements platform Pexa is taking up to 25% stake in Australian artificial intelligence technology company Elula.
It comes soon after Pexa took a 38% interest in property data platform Landchecker.
Founded in 2017, Elula has developed proprietary technology drawing on AI and machine learning that specialises in customer retention and acquisition, including AI-based software that predicts which home loan customers will refinance or sell their property within the next three months, and predicts which financial institution customers are most likely to acquire
The parties have also entered into a strategic partnership. Elula currently provides key AI products to banks, credit unions, mutuals and non-bank lenders, many of which existing Pexa customers.
“As PEXA continues to build its reputation as a trusted leader and resource for robust, real-time property data, it is critical we continue to identify opportunities that extend our offering and enhance the property ecosystem to best meet the needs of Australian consumers,” said Scott Butterworth, Pexa’s chief data and analytics officer said.
