PEXA (ASX:PXA) to acquire 25% stake in Elula

Property exchange platform PEXA (ASX:PXA) is set to purchase a 25 per cent stake in artificial intelligence tech company Elula.

PEXA’s data and analytics business, PEXA Insights will acquire an interest of up to 25 per cent in Elula, while PEXA will also enter a strategic partnership agreement.

PEXA said Elula enables businesses to make smarter decisions through the intelligent use of data, and with PEXA’s data and analytics capabilities, the investment enables a more holistic view of critical lending and refinance consumer behaviour.

PEXA also said the partnership will enrich the property data that PEXA Insights is already unlocking for the property industry. This is specifically relevant for the Australian banking sector where Elula currently provides key AI products to banks, credit unions, mutuals and non-bank lenders.

PEXA’s strong financial institution network, credibility, and additional market-wide refinancing data, can support Elula in gaining greater access and conversion with the major banks, as well as strengthen Elula’s product suite,” said chief executive officer Scott Butterworth.

Shares in PEXA (ASX:PXA) last traded at $15.12.