ULS increases Legal-Eye payment

(ShareCast News) - AIM-traded conveyancing technology firm ULS agreed to a higher deferred payment for its acquisition of Legal-Eye on Friday, as a result of the runaway success it had seen from the investment.Legal-Eye was acquired by ULS in February 2015, and had continued to grow since then. It was now expected to exceed £1m in revenue for the first time in the current year.It offers compliance services, principally to solicitors, and had national coverage through its employees and extensive network of associates.ULS's board said that, as well as operating a standalone profitable business in its own right, Legal-Eye had enhanced the ULS proposition, particularly in the lender market where compliance and minimising risk were important factors.As a result, ULS had agreed to increase its deferred consideration by £144,000 by adjusting the earn outs to fixed amounts of £1,080,000 for each of the earn out years."We have been delighted with the performance of Legal-Eye in the first year of ownership and by the contribution made by (founder) Jaunita Gobby and her team," said ULS chief executive Ben Thompson."This agreement allows us to invest in Legal-Eye for its long-term growth as well as for the benefit of the group as a whole. We look forward to continuing to work with Jaunita as we build towards an exciting future."