Specialist mobile app company Lavatech has reported a 130% growth in revenue during the last year as more conveyancing firms embrace new technology.
Its app – inCase – is used by solicitors to update home movers and estate agents on a transaction’s progress and secured private equity backing of £1.5 million in June last year. Downloads increased as the property industry has switched to home working throughout the pandemic.
“During the first lockdown, we saw no appetite for law firms to invest in new technologies, preferring to wait and see how their businesses adapted as we all settled into a new normal,” says founder Sucheet Amin (pictured).
“However, as soon as the first lockdown ended, we saw a huge spike in interest and new business as firms realised the potential of our platform to support them through new conveyancing working practices.”
Using a simple licensing model, the company has seen its monthly re-occurring revenue grow by 186%, supported by a new electronic identity verification service, critical in legal transactions.
The inCase app is being used to complete property information forms, digitally sign contracts, and execute an electronic Transfer Deed, among other things.
Headcount has jumped from eight to 25, adds Sucheet. “These incredible results are a combination of a simple yet effective solution, dedicated people and a formidable leadership team. Our ambition is to maintain and improve upon this impressive growth trend for the year ahead.”