Jacksonville, Florida-based Sun Capital Partners Inc. announced the acquisition of LoanLogics, a digital mortgage solutions provider and fellow Jacksonville-based company.
Terms of the private transaction were not disclosed.
The LoanLogics platform provides technology automation for mortgage document processing and data-driven audit software that improves efficiency, enhances transparency, streamlines commerce, and reduces risk.
“Sun Capital is thrilled that LoanLogics is our second technology platform investment after formalizing our technology vertical,” Marc Leder, Sun Capital co-chief executive officer, said in a statement. “Inefficiencies in data and workflow are driving rising mortgage market costs, and LoanLogics helps solve this industry challenge.”
Bill Neville, LoanLogics CEO, said the current mortgage technology market has an estimated value of more than $10 billion.
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“The support and resources Sun Capital is capable of providing to companies like ours will enable LoanLogics to continue to ensure quality performance for our clients, enhance our operations and best serve the rapidly modernizing mortgage technology market,” Neville said.
Since 1995, private equity firm Sun Capital has invested in more than 425 companies worldwide with revenues in excess of $50 billion. It has offices in Boca Raton, Florida, Los Angeles and New York.
LoanLogics was founded in 2005. Two specific areas LoanLogics focused on in 2020 included a new on-demand document processing technology (IDEA OnDemand) and greater automation for HMDA reporting and the generation of LARs, which enable lenders to automate more than 90% of their HMDA review tasks.
The company says it nearly doubled processing of loans per month in 2020, adding more automation for clients. It also reported a 40% increase in revenue from 2019 to 2020.