Intercontinental Exchange To Acquire Ellie Mae For $11B

▤ Summary

Intercontinental Exchange, an operator of global exchanges and clearing houses and provider of mortgage technology, data and listing services, entered into a definitive agreement to acquire Ellie Mae, the cloud-based platform provider for the mortgage finance industry. Ellie Mae, based in Pleasanton, California with approximately 1,700 employees, was founded in 1997 with a mission to automate and digitize the trillion-dollar residential mortgage industry. “Twenty years after we founded Intercontinental Exchange to provide a transparent trading platform for the energy industry, and following two decades of providing continued innovation to help customers navigate global markets, … the acquisition of Ellie Mae … will help us similarly transform the mortgage marketplace,” said Jeffrey C. Sprecher, founder, chairman and CEO of Intercontinental Exchange. It will also enhance [our] growth strategy in mortgage technology, with complementary products and a wide array of customers and stakeholders who will benefit from our core and … expertise in operating networks and marketplaces.” The entire production chain of the mortgage industry, from lead generation to application, to pre-closing, to closing, to post-closing, has traditionally been a highly document-centric and manual process. In addition to its digital lending platform capabilities and its vast partner network, Ellie Mae also provides technology solutions that enable its clients to achieve greater levels of consumer engagement, efficiencies through automation, and a modernization of the loan manufacturing process through its recent introduction of machine learning and artificial intelligence.

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