In addition, PEXA will be entering into a strategic partnership agreement with Elula, which the listed company said will “enrich the unique and timely 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,” the company said in a statement.

“Many of these financial institutions are existing PEXA customers, offering considerable system efficiencies for PEXA’s financial institution and banking customers, which is one of the four key pillars of the PEXA Insights’ strategy.”

Speaking about the acquisition of up to 25 per cent of Elula by the company’s data and analytics business, PEXA Insights, PEXA chief data and analytics officer Scott Butterworth said: “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.

“We are truly excited to be partnering with some of Australia’s leading data scientists at Elula. 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.”

Elula co-founder and co-chief executive Josh Shipman added: “Our goal, since we started, has been to make a meaningful and positive difference to businesses through the use of AI.

“We’re excited by what the PEXA partnership will bring to further achieving this goal. Elula is delighted to be partnering with PEXA and this investment will allow us to accelerate our strategic growth plans by bringing new products to market.”

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Mr Shipman’s co-founder and co-chief executive, Sarah Russell, also noted that the investment by PEXA “brings together two leading data businesses. It will allow us to further enhance Elula’s proven product offering and develop new ways to add value for customers in an ever-changing environment.”