Ellie Mae (NYSE:ELLI), a Pleasanton, CA-based provider of a cloud-based platform for the mortgage finance industry, is to acquire Velocify, a sales acceleration platform provider.
Under the terms of the agreement, Ellie Mae will acquire Velocify for $128m in cash. The transaction is expected to close in the fourth quarter of 2017.
Led by Jonathan Corr, president and CEO, Ellie Mae provides technology solutions that enable lenders to originate more loans, reduce origination costs, and shorten the time to close, while ensuring high levels of compliance, quality and efficiency.
Led by Nick Hedges, president and CEO, Velocify provides a sales acceleration software platform for high-velocity sales teams at more than 1,500 companies to streamline, automate, and optimize their sales processes by surfacing actionable performance insights to stay focused on activities that lead to more sales.
With the acquisition, Ellie Mae will combine Velocify’s lead management, engagement and distribution capabilities with its Encompass CRM’s approach to automated one-to-one personalized marketing and the Encompass Consumer Connect digital consumer experience.
Together, the solution will enable lenders to deliver a complete digital lead capture and conversion solution for creating interest, turning that interest into an application and then funding that loan quickly and at a low cost.