Sales Boomerang, an automated borrower intelligence and retention system for the mortgage industry, and Mortgage Coach, a platform empowering mortgage lenders to educate borrowers with interactive home-loan presentations, have agreed to merge, the companies announced today.
All regulatory and shareholder approvals have been completed, and the merger becomes official today, the companies said.
In addition to announcing the merger, the companies also said Richard Harris, a software-as-a-service (SaaS) executive, has been appointed chief executive officer of the merged companies.
Sales Boomerang and Mortgage Coach said they have been working toward the merger since LLR Partners invested $80 million in both firms in January.
Founded in 2009 and based in Corona, Calif., Mortgage Coach is an award-winning platform that enables borrowers to make a home-loan decision by providing educational presentations that model loan performance over time. Established in 2017 and based in Owings Mills, Md., Sales Boomerang launched the first automated borrower intelligence system for mortgage lenders.
Although located on opposite coasts, there are no plans to consolidate the companies into one location, officials said, adding that the staffs of the two entities will remain in place.
“Leading up to the merger, Sales Boomerang and Mortgage Coach independently experienced strong revenue and customer growth,” the company said in a statement emailed to NMP. “Combined, they have more than 300 independent mortgage bank, depository bank, and credit union mortgage lender customers. The merger is anticipated to generate more revenue and employment opportunities as the company helps mortgage lenders grow by helping them better understand and meet the needs of borrowers.
"In short, there will be no layoffs," the statement added.
Combined, the companies employ 144 people.
The companies will also continue to operate as distinct brands. "A unified name has not yet been determined," a spokesperson said.
Together, the companies said, Sales Boomerang and Mortgage Coach will position lenders to reach borrowers with the right information at the right time, empowering borrowers to build wealth through homeownership by helping them select the best mortgage strategy for their unique housing needs.
“Sales Boomerang and Mortgage Coach are both impressive, mission-driven organizations that have earned tremendous brand equity in the mortgage realm through their expert grasp of the industry and proven ability to deliver substantive value to mortgage lenders and borrowers,” said Harris, the new CEO. “I look forward to bringing the organizations together and leveraging my background in data, analytics, and insights to help mortgage lenders better understand their borrowers and provide personalized service that helps them attain their homeownership and financial goals.”
Previously, Harris was CEO at SparkPost, an email sending and optimization platform delivering 40% of the world’s commercial email. He led that company through tremendous growth and oversaw its $600 million acquisition by omnichannel communication platform MessageBird.
Before his tenure at SparkPost, Harris was group vice president at cloud technology company Oracle, where he led international operations of its Data Cloud business unit. He was previously CEO at consumer insights and digital ad personalization company AddThis, where he rapidly scaled the company and facilitated its acquisition by Oracle.
Harris holds both J.D. and MBA degrees from the University of Maryland.
Alex Kutsishin and Dave Savage, founders of Sales Boomerang and Mortgage Coach, respectively, will continue in leadership roles, the companies said. Savage remains with the title of chief innovation officer, while Kutsishin now serves as chief visionary officer, a company spokesperson said.
Both will be heavily involved in informing the company’s strategy, carrying the company’s message, and nurturing customer and partner relationships, the spokesperson said.
Mark Cunningham, who also is credited as a co-founder of Sales Boomerang, will remain in his role as chief compliance officer, the spokesperson said.
“By bringing together the very best in database monitoring, market intelligence, automation, personalization, and education, Sales Boomerang and Mortgage Coach deliver the short- and long-term financial results lenders crave,” Kutsishin said. “We are united in our mission to provide borrowers with the right loan at the right time, and I am confident we will reach new heights under Richard’s leadership.”
Savage agreed. “Combining the advice-based digital presentations of Mortgage Coach with the big data borrower intelligence of Sales Boomerang enables us to create unprecedented opportunities for consumers to achieve financial freedom faster and to help lenders and loan officers to close more loans in this rising interest rate marketplace,” he said. “Together we have the expertise, the synergy, and the platform to put game-changing tools in the hands of our lenders and loan officers.”
