Smoove has confirmed press speculation that it may be up for sale.
The agency and conveyancing software provider issued a stock market update yesterday that confirmed it is in “early discussions” with PEXA Group regarding a possible cash offer for the entire issued and to be issued ordinary share capital of the business.
The statement said: “Discussions with PEXA remain at an early stage. Accordingly, there can be no certainty that an offer will be made for the company, nor as to the terms on which an offer may be made.”
PEXA must decide whether it is making an offer by 5pm on 22 May 2023.
The Smoove board also confirmed it was considering an alternative potential transaction proposed to it by a separate third party but this has since been discontinued.
The London Stock Exchange-listed company rebranded from ULS Technology to Smoove last year and pledged to invest in new technology to build products and services for users including estate agents.
It rolled out a new flagship estate agency product last summer called Smoove Start, providing a platform for agents to sign up clients, conduct due diligence checks and for buyers to complete property information.
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