Ellie Mae announced Monday afternoon that it completed its previously announced acquisition of Velocify, a sales acceleration platform.
The deal was initially announced at the end of August. At the time, Ellie Mae said it planned to acquire Velocify for $128 million in cash, but Ellie Mae did not disclose a final purchase price.
Ellie Mae did say that it plans to provide additional financial details about the deal when it reports its third quarter financial results.
In a release, Ellie Mae said that acquiring Velocify allows the company to “accelerate the vision of offering a fully digital mortgage.”
HousingWire recognized both Ellie Mae and Velocify in the 2017 HW Tech100 awards. That award coverage noted that through lead management software, automated dialing, lead scoring and other tools, Velocify has helped more than 1,500 companies and 650 lenders automate and improve borrower response times and closing rates.
According to Ellie Mae, it plans to integrate Velocify’s lead management, engagement, and distribution capabilities into its Encompass CRM and its Encompass Consumer Connect digital consumer experience.
“The robust solution will meet the needs of today’s lenders by delivering a complete digital lead capture and conversion solution for creating interest, turning that interest into an application and then funding that loan quickly and at a low cost,” Ellie Mae said in a release.
“Ellie Mae’s North Star is to automate everything automatable for the residential mortgage industry and we believe that a true digital mortgage must encompass the entire loan lifecycle, from targeted marketing automation to lead generation to application to automated investor delivery,” Jonathan Corr, president and CEO of Ellie Mae, said.
“The acquisition of Velocify accelerates our delivery of a true digital mortgage solution for the industry,” Corr added. “In the coming months we will integrate Velocify’s lead management, engagement and distribution capabilities with our own CRM and Consumer Connect solutions to help lenders turn consumer interest into applications through a personalized, high-tech and human-touch experience.”
As part of the deal, Nick Hedges, the former president and CEO of Velocify, will assume the role of senior vice president at Ellie Mae.
“Velocify and Ellie Mae are longtime partners in the mortgage space thanks to our integration with their Encompass solution. We’re both fueled by the mission to simplify and speed up the mortgage process to help lenders originate more loans, lower costs and reduce time to close,” Hedges said.