NYSE-owner ICE to buy Black Knight in US$13.1 billion deal
Summary
New York Stock Exchange-parent Intercontinental Exchange said on Wednesday it will acquire Black Knight in a deal valuing the mortgage-lending software and data analytics firm at US$13.1 billion. The acquisition of Black Knight, which provides software, data and analytics to the real estate and housing finance markets, is the latest in a string of deals since 2016 by ICE to support its mortgage servicing business as it bets on a windfall from the automation of the home financing process. ICE announced a deal to buy Ellie Mae, a cloud-based platform that supports all aspects of mortgage origination, for US$11 billion in August 2020. "Our data, technology and network expertise position us well to accelerate the analog to digital conversion happening across the mortgage industry," ICE President Benjamin Jackson said on a call with analysts in February. While ICE is better known for stock and futures exchanges, its mortgage technology division brought in US$1.4 billion in 2021, accounting for around 20 per cent of the Atlanta-based companys consolidated revenue, less transaction-based expenses.
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