PEXA Group Limited has acquired a 100% stake in Australian environmental risk data analytics company, Land Insight.
The acquisition comes at a time when governments and industry require important benchmarks to solve issues such as increased housing supply and the impact of climate change.
Land Insight is a Sydney-based start-up that quantifies and evaluates natural hazards, pollution and ground hazards, helping governments and organisations such as banks and financial institutions understand property environmental risks through data modelling and insights reports.
The data-as-a-service (DaaS) subscription model is intended to be available to consumers as they make important property ownership decisions.
PEXA Group managing director and CEO Glenn King said Land Insight would open up new growth opportunities in the climate resilience market for PEXA, helping customers prepare for the increasing impacts of climate change on land use
“The impact of climate change is driving increased demand for data use in managing and mitigating climate risk,” he said. “However, there are currently limited opportunities for our B2B and B2G customers to acquire this data at scale, given the fragmented nature of the industry.
“PEXA will leverage Land Insight’s deep technical capabilities to provide customers with robust and accurate climate risk data so they can assess and respond to the increasing impacts of natural hazards on the use and value of land. It’s significant given the impact these decisions can have, for example, on property valuations, rates and land taxes.
“I am thrilled to welcome the Land Insight team to the PEXA family. This is an important step towards extending and enhancing our Digital Growth offering as we unlock the future value of property in Australia.”
Mr King said Land Insight’s climate risk expertise would complement the work of other PEXA-owned companies, such as Value Australia which aims to unlock the benefit of the $10 trillion Australian property industry.
It offers the ability to overlay robust environmental risk information to the $710 million valuations services industry. The timing is ripe as Value Australia prepares to launch its first major pilot program, which was announced earlier this year.
Land Insights managing director Ana Ouriques welcomed the opportunity to be backed by the PEXA Group and was bracing for rapid growth.
“With the support of PEXA’s deep industry expertise and connections, we can accelerate Land Insight’s path to commercialisation for the benefit of the industry, and continue our advocacy as the true honest brokers in a complex and critical sector that is the engine room
PEXA is a world-leading digital property exchange platform and property insights solutions business, listed on the Australian Stock Exchange and born out of a COAG initiative to digitise the industry.
Since 2014, PEXA has facilitated more than 15 million property settlements through the PEXA Exchange in Australia, with 88% market reach in Australia.
