WOLVERHAMPTON-based EDM Group, the international information management company, has acquired xit2, the online property data network, for an undisclosed sum.

EDM Group, which has an annual turnover of over £70 million and employs more than 1,300 staff in the UK and America, will invest in xit2 to further enable it to capitalise on the growing data exchange and technology needs in the mortgage and property sectors.

A range of products are offered by xit2 to help clients manage the various stages of the mortgage process. It enables lenders to exchange data with third parties, such as surveyors, solicitors, estate agents and asset managers and customers include Nationwide, Virgin Money, Santander, Bank of Ireland, Barclays and Lloyds Banking Group.

EDM Group’s chief executive Sam Ferguson said: “This is a fantastic opportunity for us to widen the scope of services and products that we offer to companies operating in the mortgage industry."

EDM Group provides companies with ways to manage growing volumes of information flowing into and through their businesses. Clients include Nationwide Building Society, Legal & General, Colleys and esurv.

EDM Group has a presence in the UK and entered the United States market in March, 2013 with the acquisition of Diversified Information Technologies, now trading as EDM Americas.