Mortgage Brain, the mortgage technology solutions provider, has confirmed that it won't be progressing with the proposed acquisition of TrigoldCrystal.
Following a three month review process, The Office for Fair Trading (OFT) announced last Thursday that it had referred the proposed acquisition to the Competition Commission, which would have carried out a further investigation and make its report by September 1, 2011.
Mark Lofthouse, CEO of Mortgage Brain, says: "The acquisition of TrigoldCrystal would have brought massive benefits for the provision of technology to the intermediary mortgage market. However, we don't feel it is in the best interests of everyone involved to progress.
"Referral cases like these are designed for large companies and we feel our time and resources will be better served continuing to invest in delivering the best products and services to intermediaries.
"During the market downturn Mortgage Brain maintained its program to deliver innovation through investment and this will continue in the years to come. In the last year Mortgage Brain has not only increased market share across all major products but overall user numbers and usage has increased, which is a fantastic achievement in prevailing market conditions."
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