Encouraged by strong growth in its core e-conveyancing business, digital property lodgement and settlement operator PEXA Group is making an investment in property data.

PEXA announced yesterday that its PEXA Insights business has committed to acquire 38 per cent of Landchecker. Motoring services and insurance provider RACV is a long-term investor in Landchecker and will retain 51 per cent.

Landchecker and PEXA Insights operate similar businesses, providing data to property professionals. PEXA Insights launched its first products last year.

PEXA’s chief data and analytics officer Scott Butterworth said in a statement that the two companies working together will enhance their data offerings.

The value of the investment was not disclosed.

PEXA released its December half-year results yesterday, reporting revenue growth of 45.9 per cent to A$145.5 million, compared with the previous corresponding period, and a net profit of $9.7 million.

The profit was a turnaround from a loss of $1.6 million in the previous corresponding period.

There were 2.1 million PEXA Exchange transactions – up 37 per cent on the previous corresponding period.

The company claims an 84 per cent share of the property transfer market.

PEXA has other expansion plans. It is working with technology company ThoughtWorks to develop a version of the PEXA Exchange platform that can be deployed in overseas markets.

It has targeted the United Kingdom for its first move offshore and has already completed testing of the PEXA settlement system with the Bank of England. It hopes to launch a pilot this year.

It has also established a venture business, PX Ventures, that will work with partners to establish new business opportunities in the property sector. The company made its first investment last year.