Issues regarding Dye & Durham’s proposed acquisition of Link Administration Holdings
Thursday, 16 June 2022
Sympli comments on ACCC Statement of Issues regarding Dye & Durham’s proposed acquisition of Link Administration Holdings
Electronic conveyancing disruptor Sympli (the Company), welcomes the release of the ACCC’s Statement of Issues regarding Dye & Durham’s proposed acquisition of Link Administration Holdings (Link).
Should the proposed acquisition proceed, Canada’s Dye & Durham will acquire Link’s 43 per cent stake in Australian eConveyancing industry monopoly PEXA, significantly stifling competition in the industry and ultimately limiting opportunity, choice and outcomes for customers.
At its core, the proposed acquisition will vertically integrate PEXA with Dye & Durham, allowing PEXA to leverage the wide range of conveyancing products and services offered by Dye & Durham – a set-up that damages competition between ELNOs and the efficiency of the conveyancing process.
Sympli Chief Executive Officer, Philip Joyce, said: “Sympli continues to stand with industry on the issue of vertical integration. Competition is vital in the Australian eConveyancing industry, and all industry stakeholders are tirelessly working toward a more competitive industry, initially through the delivery and implementation of interoperability.
“ELNOs should not offer conveyancing products or services and Sympli has made it very clear we have no interest in doing so. We expect the same from PEXA.
“The outcome of the ACCC review is timely recognition that the monopoly structure will no longer stand. Customers deserve a national eConveyancing industry that offers the best outcomes, and those are delivered through competition. Sympli continues to work collaboratively with all industry stakeholders on delivering better outcomes for the sector and our valued customers.”
Media Inquiries: Georgia Dillon | 0437 693 293 | Georgia.Dillon@fticonsulting.com
Sympli is the result of a collaboration between InfoTrack and ASX. We want to create more opportunity, add value and represent the market with an e-Settlements service from which practitioners across Australia can benefit.
InfoTrack is Australia’s leading provider of e Conveyancing technology and services and has been creating software for the legal and financial industries for over 18 years. InfoTrack has a focus on simple, end-to-end solutions, leveraging expertise to craft a truly integrated e-settlements platform that you can trust.
As one of the world’s leading financial exchanges, the ASX bring experience in clearing and settling transactions with security, speed, reliability, and cutting-edge technology. The combination of the two brings you Sympli: the next-generation e-settlements solution delivering healthy competition, reliability, security and value to the industry. For more information visit www.sympli.com.au