eLynx, a portfolio company of American Capital (ACAS), has entered into a definitive agreement to acquire the assets of Medallion Analytics Company, a provider of data automation solutions.
The deal is expected to close on Oct. 31. Financial terms of the deal were not disclosed.
Pittsburgh-based Medallion Analytics provides services that help lenders and settlement services companies extract data from documents instead of relying only on image files.
This data can then be used to pre-populate forms and “ensure greater quality, accuracy and compliance in loan documents from pre- to post-close,” the company said in a release.
“The best way for lenders to cost-effectively produce high quality loans, keep up with increasing regulatory demands and meet investor requirements is to be able to track documents and the data in them throughout the loan life cycle,” says eLynx President and CEO Sharon Matthews.
“Our acquisition of Medallion provides a simple, elegant set of solutions to extract and analyze the data within documents so participants can collaborate better in the loan workflow.”
eLynx said that it expects the addition of Medallion to bring valuable expertise in data and settlement services into its “cutting edge document fulfillment, signature and data solutions for the mortgage and consumer industries.”
Medallion Chairman and CEO Joel Davidson said that the company “couldn’t be happier” to join eLynx.
“Our deep expertise in title services is a perfect complement to their strength in the closing process, making it a natural fit for us to be working as one,” Davidson said. “We share a common view on the value of data and its impact when properly applied in the mortgage closing process.”
Dustin Smith, a managing director at American Capital and eLynx board chair added, “The addition of Medallion’s capabilities further enhances eLynx’s market leadership by adding to its services and expanding its customer base to include more of the title market.”