Investment firm Chrysalis Holdings sold its mortgage origination software company LendingSpace Partners to mortgage analytics and technology firm Lender Processing Services (LPS).
Terms of the deal were not disclosed.
For the last five years, LendingSpace was the technology provider for NewDay, a key lender owned by Chrysalis. It wrote home loans backed by the Federal Housing Administration and will still use LendingSpace for its retail and correspondent lending channels.
"During the years that LendingSpace was among the key holdings at Chrysalis, we helped the company become a leading provider of mortgage loan origination technology and grow its client base to include banks, independent mortgage companies and others in the mortgage banking marketplace," said Chrysalis Chairman Paul Thompson III.
LendingSpace founder Ravi Varma served as CEO of the tech company since 1999 and will transfer over to LPS.