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Mortgage

Ellie Mae to acquire AllRegs for $30 million

All-cash deal expected to close within 90 days

Ellie Mae (ELLI) just announced that it has reached a definitive agreement to acquire AllRegs for $30 million in cash, subject to certain purchase price adjustments, including for working capital.

“The acquisition of AllRegs expands Ellie Mae’s position as the industry’s market leader of mortgage technology, content and services,” Ellie Mae said in a release.

According to the release from Ellie Mae, AllRegs’ information management solutions are used by more than 3,000 companies representing every facet of mortgage banking: major lenders and investors, regulators, federal and state agencies, brokers, mortgage services vendors and law firms.

"AllRegs has built a strong reputation as the industry’s source for investor guidelines, compliance resources and education,” said Sig Anderman, chief executive officer of Ellie Mae.

“With the acquisition of AllRegs, Ellie Mae will expand its customer base and add a broad array of content and services that complement our portfolio of product offerings,” Anderman continued. “This strategic acquisition enhances Ellie Mae’s compliance leadership and furthers our goal to be the company that powers the entire mortgage industry.”

AllRegs' place within the industry is strong. AllRegs is the exclusive electronic publisher of underwriting and loan product guidelines for Fannie Mae, Freddie Mac, Wells Fargo Home Mortgage, CitigroupJPMorgan Chase, the Federal Home Loan Bank of Chicago, U.S. Bank Home Mortgage and Flagstar Bank, N.A.

Ellie said the transaction is expected to close within 90 days.

The company expects the acquisition to have limited impact on its third-quarter results, due to the anticipated timing of the closing. According to Ellie, it will provide details on the future financial impact and the synergies to be expected when the company reports its third-quarter results.

The company announced its second-quarter earnings last week and the results were positive despite additional operating expenses from the outages it experienced at the end of March.   

The company reported a second-quarter revenue of $40 million, up from $34.3 million for the same period a year ago, while net income increased from $3.7 million in 2Q14 to $4.4 million.

The total number of active Encompass users increased 12% year-over-year to 98,996. 

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