Ellie Mae Buys Velocify for $128M
September 1, 2017
Hot off the heels of its latest upgrade to its Encompss LOS, Ellie Mae has announced it has signed a definitive agreement to acquire Velocify, a sales acceleration platform, for $128 million in cash. The transaction is expected to close in the fourth quarter.
“As part of our comprehensive strategy to deliver the first true digital mortgage to the industry, we are helping lenders to originate more loans, reduce costs, and complete the entire mortgage process faster,” said Jonathan Corr, President and CEO of Ellie Mae. “The combination of Velocify’s solution with our Encompass CRM and Encompass Consumer Connect solutions will accelerate our delivery of the most robust digital mortgage solution in the market.”
Ellie Mae did not announce whether the Velocify management will remain, or if the company will exist as a separate subsidiary or be fully absorbed into the Pleasanton, Calif.-based Ellie Mae’s operations.
This just the latest in a series of acquisitions for Ellie Mae, as in 2011, they acquired Del Mar Datatrac Inc. for $25.2 million, and in 2014, closed a deal to acquire AllRegs, an Eagan, Minn.-based information provider for the mortgage industry, for $30 million.
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