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Ellie Mae hires Morgan Stanley to oversee sale

Sales process to begin in a few weeks

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Mortgage software company Ellie Mae (ELLI) has hired Morgan Stanley (MS) to try and sell the company, Reuters reported Tuesday.

The sales process for Ellie Mae, which has a market capitalization of $768.6 million, is expected to begin in the next few weeks, and a number of parties, particularly private equity firms, are expected to take a look at the company, one of the sources said.

Pleasanton, California-based Ellie Mae's software is used in around 20% of all mortgages in the United States, according to the company.

Source: Reuters
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