Ellie Mae

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Ellie Mae, Inc.
TypeSubsidiary
IndustryTechnology – Application Software
Founded1997; 25 years ago (1997)
FateAcquired by Intercontinental Exchange
HeadquartersPleasanton, California, U.S.
Key people
Joe Tyrrell
(President)
ServicesAutomated solutions for the residential mortgage industry
RevenueIncrease US$417.04 million (2017)
Decrease US$42.14 million (2017)
Increase US$52.85 million (2017)
Total assetsIncrease US$831.61 million (2017)
Total equityIncrease US$735.34 million (2017)
OwnerIntercontinental Exchange
Number of employees
approx. 1,750 (2020)
WebsiteICEMortgageTechnology.com

Ellie Mae Inc., originally named Electronic Mortgage Affiliates,[1] is a software company that processes 35% of U.S. mortgage applications.[2] The services are based on a software as a service model (SaaS)[3] and specializes in originating and funding new mortgage loans and facilitating regulatory compliance. The company is headquartered in Pleasanton, California.[4]

History[edit]

Ellie Mae was founded in 1997 by Limin Hu and Sigmund Anderman.[4]

In 2009, Ellie Mae was accused by DocMagic, a competitor, of violating antitrust and intellectual property laws around actions taken when the vendor agreement between the two companies expired. The two companies settled the lawsuit after three years of litigation.[5]

Ellie Mae made its initial public offering in 2011, valued at approximately $122 million.[6]

Mergers and Acquisitions[edit]

Ellie Mae acquired the assets of Online Document Systems Inc. (2008), Mavent Inc. (2009), Del Mar DataTrac (2011),[7] Mortgage Pricing Systems (2011), MortgageCEO (2014),[8] AllRegs (2014),[9][10] ARG Interactive (2014),[11] MortgageReturns (2015), Velocify (2017), Docvelocity (2019), and Capsilon (2019)[12]

In April 2019, Ellie Mae was acquired by Thoma Bravo, LLC, a private equity investment firm, in an all-cash transaction that valued Ellie Mae at an aggregate equity value of approximately $3.7 billion. The acquisition was announced on February 12, 2019 and closed on April 17, 2019.

In August 2020, Intercontinental Exchange announced that it had entered into a definitive agreement to acquire Ellie Mae for approximately $11 billion.[13] The transaction completed successfully in September 2020 after regulatory approval.[14]

References[edit]

  1. ^ Pender, Kathleen (June 20, 2015). "Ellie Mae thrives on mortgage regulation". San Francisco Chronicle. Retrieved August 12, 2020. The company ... was founded as Electronic Mortgage Affiliates, but changed its name to Ellie Mae at a time when Fannie Mae was one of the nation's most admired companies.
  2. ^ Howley, Kathleen (October 30, 2014). "Ellie Mae Soars 44% as Home Lenders Embrace E-Signatures". Bloomberg.com. Retrieved May 22, 2015.
  3. ^ "Business Summary".
  4. ^ a b Staff. "Ellie Mae". Forbes.com. Retrieved May 22, 2015.
  5. ^ Kilgore, Austin (October 10, 2012). "DocMagic, Ellie Mae Settle Lawsuit". Retrieved May 22, 2015.
  6. ^ Kilgore, Austin (April 15, 2011). "Ellie Starts Trading on NYSE". American Banker. Retrieved October 2, 2020.
  7. ^ "Ellie Mae acquires Del Mar DataTrac". Business Wire. August 15, 2011. Retrieved July 13, 2020.
  8. ^ "Ellie Mae Completes MortgageCEO Acquisition". Business Wire. January 15, 2014. Retrieved April 30, 2020.
  9. ^ "Ellie Mae Set to Acquire AllRegs". August 7, 2014.
  10. ^ "Eagan-Based Mortgage Info Provider Sold for $30M".
  11. ^ "Ellie Mae Completes Acquisition of MortgageCEO". Benzinga. January 15, 2014. Retrieved July 13, 2020.
  12. ^ "Ellie Mae to Acquire Capsilon to Deliver End-to-End Mortgage Automation". Business Wire. October 28, 2019. Retrieved April 30, 2020.
  13. ^ "NYSE-owner ICE to buy Ellie Mae in $11 billion deal". Nasdaq.com. August 6, 2020.
  14. ^ "With $11B Ellie Mae deal finalized, ICE prepares to unleash a "fully digital mortgage ecosystem"". HousingWire.com. Sep 4, 2020.

External links[edit]