ULS Technology wins CSA contract with Principality Building Society

ULS Technology wins CSA contract with Principality Building Society

Provider of online platforms for the UK conveyancing and financial intermediary markets ULS Technology PLC (LON: ULS) today announced that it had signed a Conveyancing Service Agreement with mutual building society, Principality Building Society.

The Company told its shareholders about PBS; that it is owned by its 500,000 members, has £10 billion in customer assets and arranges approximately 16,000 mortgages each year.

The CSA means that ULS Technology will provide PBS with its proprietary panel management and conveyancing technology platform, eConveyancer.

ULS Technology comments

In the Company’s statement, CEO Steve Goodall, said,

“We are delighted to have started working with Principality. The value Principality place on their customers and their mission to provide the highest standards to customers is something that we share at ULS and so we are very pleased to be able to offer our proprietary technology and services to help their customers to move home more smoothly.”

Shaun Middleton, Head of Intermediary at Principality Building Society, said,

“As part of ongoing enhancements to our mortgage processes, for both Society members and mortgage brokers, we have chosen to partner with ULS for conveyancing services. ULS offer many exciting conveyancing solutions, which will allow us to deliver an exceptional customer experience whilst realising significant new efficiencies.”

Investor notes

The Company’s share price has rallied 1.99% or 1.08p following the news, up to 55.58p per share 10/09/19 09:54 BST. Analysts from Numis reiterated their ‘Buy’ stance on ULS Technology stock. The Group’s p/e ratio is 7.90, their dividend yield stands at 4.36%.

Elsewhere in the tech sector, there were updates from; Midwich Group PLC (LON: MIDW), ProPhotonix Ltd (LON: PPIX), Frontier Developments PLC (LON: FDEV), Gamma Communications PLC (LON: GAMA), Maintel Holdings plc (LON: MAI), Bigblu Broadbend PLC (LON: BBB) and Avanti Communications Group PLC (LON: AVN).