Sourcing system group Mortgage Brain has acquired the Criteria Hub platform for an undisclosed sum.
Criteria Hub serves more than 3,000 advisers across the UK, including Countrywide, John Charcol, Openwork, Tenet and Mortgage Force.
Mark Lofthouse, chief executive officer of Mortgage Brain, said the acquisition of Criteria Hub demonstrated the next phase in his company's strategy to strengthen and extend the range of technology solutions and services for the benefit of all customers.
He said: "It is an excellent strategic fit with our business, and by bringing both technology providers together, we establish the best and broadest sourcing capability available, further reinforcing our leading position in the industry."
The company stated that Criteria Hub will complement its existing range at a time when mortgage products are becoming more complex and increasing in number.
The deal will expand Mortgage Brain's customer network beyond the 22,000 users it already has for its products which include Mortgage Brain Classic, Loans Brain and The Key.
Criteria Hub feeds the criteria used by advisers back to the lenders to enable lenders to design future products. Mortgage Brain said it has now started integrating Criteria Hub into its many group systems.
Criteria Hub's co-founder, Jason Hegarty, said: "The moment we opened discussions with Mortgage Brain it was clear to us that they were the perfect partner for Criteria Hub.
"We've always had a very clear vision of how the Criteria Hub platform will grow and evolve around our users and with Mortgage Brain we've found a partner that shares our core values and vision. Together we are set for a very exciting few years ahead."
Joe McGrath is a freelance journalist
