Ellie Mae (NYSE:ELLI), a leading cloud-based platform provider for the mortgage finance industry, announced today that it has signed a definitive agreement to acquire Velocify, a leading sales acceleration platform.
With the acquisition of Velocify, Ellie Mae is accelerating its goal of offering fully digital mortgages by combining Velocify’s lead management, engagement and distribution capabilities with Ellie Mae’s unique approach to automated one-to-one personalized marketing and digital consumer experience.
Velocify, founded in 2004, provides lead management solutions to drive rapid lead response, improving productivity and offering actionable selling insights. Many of Ellie Mae’s Encompass® all-in-one mortgage management solution customers use the Velocify solution today.
“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 acquisition will enable us to provide the first combined solution that helps lenders turn consumer interest into applications by offering a personalized, high-tech and human-touch experience.”
Under the terms of the agreement, Ellie Mae will acquire Velocify for $128 million in cash. The transaction is expected to close in the fourth quarter of 2017 and will have no impact on third quarter financials. Ellie Mae will provide additional financial details when the company reports its third quarter results.