Demand from lenders for tech solutions that can handle new regulatory compliance hurdles pushed the fourth-quarter revenue of Ellie Mae (ELLI) up 60% in 2012.
The mortgage software developer reported a profit of $4 million, or 14 cents a share, up from $1.8 million, or 8 cents a share, a year earlier.
Meanwhile, the firm’s total revenue for the fourth quarter hit $29.9 million, up from $18.8 million in the fourth quarter of 2011.
Total revenue for the year shot up 84% from $55.5 million in 2011 to $101.8 million last year, while earnings for 2012 hit $19.5 million, or 76 cents a share, up from $3.6 million, or 18 cents a share, in 2011.
The company attributes its growing revenue and income to strong demand for end-to-end compliance-related solutions.
Ellie Mae’s SaaS users grew by 71% in 2012, reaching 41,458 users by year’s end.
Revenue for 2013 is projected to be in the range of $127.5 million to $129 million, with net income expected to reach anywhere from $15.6 million up to $16.2 million.