/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.
ICE to buy mortgage software firm Ellie Mae

ICE to buy mortgage software firm Ellie Mae

Intercontinental Exchange has agreed to buy Ellie Mae from Thoma Bravo in a deal that values the mortgage finance software outfit at around $11 billion.

The move, which comes after ICE's recent acquisitions of Mers and Simplifile, establishes the Nyse owner's position in the trillion dollar residential mortgage industry.

Founded in 1997 to automate and digitise the mortgage sector, Ellie Mae provides technology services to all participants in the mortgage supply chain, including its over 3000 customers.

Thoma Bravo bought the firm last year for $3.7 billion. The ICE deal, which is a mix of cash and stock, includes debt.

Jeffrey Sprecher, CEO, ICE, says the acquisition will "enhance ICE’s growth strategy in mortgage technology, with complementary products and a wide array of customers and stakeholders who will benefit from our core and proven expertise in operating networks and marketplaces."

Comments: (0)

Trending