Wolters Kluwer Governance, Risk & Compliance (GRC) is to acquire eOriginal, a Baltimore, Maryland-based provider of cloud-based digital lending software, for approximately €231m.
The completion of the deal is subject to customary closing conditions and expected before the end of 2020. The transaction will be effected through the purchase of eOriginal’s parent company, Paperless Transaction Management.
The acquisition extends GRC Compliance Solutions’ position in U.S. mortgage and loan document generation and analytics into the digital loan closing and storage adjacency.
Founded in 1996 and led by Brian Madocks, CEO, eOriginal is a leader in digital lending technology, serving more than 650 customers in the U.S., including banks, mortgage lenders, consumer lenders, and auto and equipment finance lenders. The eOriginal platform enables lenders and their partners to create, store and manage digital assets from close through to the secondary loan market.
GRC’s Compliance Solutions business has had a strategic partnership with eOriginal since 2016, which allows the integration of eOriginal’s electronic vaulting and closing software with Expere. The offerings of eOriginal and GRC Compliance Solutions are complementary and together will form end-to-end digital lending platform.
eOriginal has approximately 100 employees and expects to achieve revenues of approximately €31m in 2020 (unaudited), of which almost 95% is recurring and cloud-based in nature.