Residential mortgage solution provider Ellie Mae posted higher first-quarter earnings as the firm's revenue shot up 48% from year ago levels.
The company posted a 1Q profit of $3.9 million, or 14 cents a share, up from $3.6 million, or 16 cents a share, in 1Q 2012. Total revenue, meanwhile, increased 48% to $30.9 million, up from $20.9 million a year ago.
"Through solid execution we delivered robust growth in both revenue and profits while generating significant free cash flow," said Sig Anderman, CEO of Ellie Mae.
He added, "We sold a record number of SaaS Encompass360 seats, with continued strong progress in adding new customers, increasing users from existing customers, and upgrading existing customers to our SaaS platform."
Ellie Mae announced a record of 80,710 active Encompass360 users as of March 31, 2013, increasing 37% year over year.
Encompass360 is a software designed for lenders to streamline the mortgage origination process, assure regulatory compliance and help reduce IT and other operational costs.
"With the heightened concerns lenders have about quality, regulatory compliance and efficiency; our innovative on-demand technology solutions provide us the opportunity for continued growth well into the future," Anderman concluded.