Pleasanton, Calif.-based Ellie Mae has announced its acquisition of Capsilon, a provider of AI-powered mortgage automation software for mortgage lenders, investors and servicers.
The terms of the transaction were not publicly disclosed. Earlier this year, Ellie Mae had been acquired by Thoma Bravo LLC, a private equity investment firm, in an all-cash transaction valued at $3.7 billion. In March, Capsilon introduced Capsilon Instant Underwriter, billed as the mortgage industry’s first autonomous underwriting engine that leverages artificial intelligence, data extraction and process automation to complete underwriting tasks in seconds, with greater consistency, accuracy and less risk.
“With the delivery of our next generation lending platform, we are accelerating our mission to automate everything automatable for the residential mortgage market. This includes making strategic acquisitions of best-in-class solutions to bring more value to the platform and the ecosystem faster,” said Jonathan Corr, president and CEO of Ellie Mae. “This is a significant day for the mortgage industry, as with the acquisition of Capsilon we are bringing together two market-leading companies and adding to our platform the pioneer of AI-powered intelligent automation leveraged by some of the largest lenders and servicers in the industry. As lenders and servicers continue to shift toward data-driven automation, we are excited to provide automated document recognition, classification and data extraction to further drive down costs and time of loan origination, acquisition and servicing.”