Providence Equity Partners is set to buy property data firm Hometrack, it announced today.

Hometrack currently services 16 of the top 20 UK mortgage lenders, as well as all of the top 14 Dutch lenders.

Providence senior managing director Robert Sudo said: “Hometrack is a market leader in automated residential property valuations, built on market-leading technology, deep customer relationships and a critical role within the mortgage ecosystem.

“As lenders continue to digitise their operations and deliver faster, more seamless mortgage journeys for customers, we believe Hometrack is well positioned for long-term growth. We look forward to partnering with the team as they continue to innovate and strengthen the business.”

Hometrack chief executive Charlie Bryant said: “This marks an exciting new chapter for Hometrack.

“Our team has built a market-leading platform by helping lenders and other property market participants make faster, smarter and more informed decisions while improving the experience for their customers. Providence shares our long-term vision for the business, and we look forward to working together to continue investing in our technology, our people and the customers we serve.”

The transaction is subject to regulatory approval.

Providence’s financial advisers were Deutsche Bank and Rothschild & Co, and its legal advisers were White & Case LLP.

Hometrack was supported in this transaction by Arma Partners and JP Morgan as financial advisers and Freshfields as legal adviser.