Canadian tech firm buys Mortgagebot
Davis + Henderson Corp., a Canadian provider of technology to the financial services industry, acquired Mortgagebot in a deal reportedly worth $231 million. Mortgagebot, based in Mequon, Wis., is a provider of online mortgage lending technology. Mortgagebot will remain unchanged, the firm said in a statement "with the same management and the same dedication to delivering the best possible mortgage point-of-sale solutions backed by the best possible service." Since 2008, D+H has also offered commercial lending, equipment financing and small business solutions in North America. D+H purchased Mortgagebot in an effort to expand into residential lending in the United States. The acquisition was made possible now that Spectrum Equity Investors, the owner of Mortgagebot, feels it is selling its investment at a good time in the online mortgage lending market, according to Mortgagebot. "Mortgagebot will continue to share with you any news or updates related to its ongoing dedication to the mortgage-origination success of the nearly 1,000 banks and credit unions," the statement states. Write to Jacob Gaffney. Follow him on Twitter @JacobGaffney.