Ellie Mae (ELLI) netted $55.7 million in proceeds from the public offering of 3.1 million shares in common stock.

The money will be used for general corporate purposes and for the possible acquisition of new technologies or businesses.

Ellie Mae, which provides automated tools for the residential mortgage industry, priced its stock offering at $17 per share and allowed underwriters the option of acquiring 465,245 shares to cover over-allotments.

The total offering size ended up being 3.5 billion shares, which were sold by Ellie Mae and another 101,638 shares sold by directors and executive officers.

Ellie Mae's gains do not include proceeds from the sale of common stock held by selling stockholders.