Ellie Mae, a mortgage software company has announced that it will pay $128 million in cash to acquire sales acceleration platform Velocify. The acquisition is expected to close in the fourth quarter.
Velocify provides sales acceleration tools for the insurance, education and technology spaces, but it’s the company’s mortgage products that drew Ellie Mae’s interest.
“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 Ellie Mae President and CEO Jonathan Corr. “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.”
“A digital transformation is occurring across the financial services industry, especially in the mortgage vertical in which Velocify has a leading position,” Velocify President and CEO Nick Hedges said. “The team at Velocify has built the leading software solution for consumer sales engagement during the early stages of the sales process. By joining forces with Ellie Mae we are very excited to extend that capability throughout the consumer buying cycle.”
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