POS Wars: Mortgagebot Acquires Netupdate
Citing "outstanding growth in 2008," Mequon, Wisc.-based Mortgagebot LLC said Friday it had acquired Bellevue, Wash.-based Netupdate from Canadian-based Most Home Corp. Mortgagebot provides point-of-sale lending technology to the mortgage industry; Netupdate has been a direct competitor for roughly a decade, and the acquisition underscores much of the consolidation now taking place in the origination tech space. Most Home had been shopping its POS origination platform for the past few months, recently seeing a tentative deal to sell Netupdate to Data-Vision, Inc. fall through in early February. Most Home acquired Netupdate in early 2008, just as the nation's lending crisis was gathering a full head of steam. Terms of the sale were not disclosed by either company. Scott Happ, president and CEO at Mortgagebot, said the acquisition will bring together clients of the two largest online mortgage lending platforms; clients of the Netupdate platform will be migrated to the Mortgagebot platform. With the Netupdate acquisition, Mortgagebot will see its client base of banks, thrifts, and credit unions move to more than 900 organizations nationwide. Write to Paul Jackson at firstname.lastname@example.org.