In a move that the company says will enable it to “electronically support the full mortgage origination process,” Black Knight Financial Services acquired eLynx, a portfolio company of American Capital Ltd.
eLynx, which HousingWire Magazine named one its 2016 HW Tech100 as one of the most innovative technology companies in housing, provides companies in the real estate and financial services industries with the ability to electronically capture and manage documents and associated data throughout the document lifecycle.
eLynx’s president and CEO, Sharon Matthews, was also named as one HousingWire Magazine’s inaugural Vanguard Award winners, as one of the true leaders in housing finance.
According to information provided to HousingWire for Matthews’ Vanguard profile, eLynx serves hundreds of financial institutions, including six of the top 10 lenders and 25 of the top 50 U.S. banks.
eLynx said that it has processed more than 50 million loans since its founding in 1994.
According to Black Knight’s release announcing the acquisition, eLynx’s solutions help automate paper-intensive processes, improve workflow, reduce costs and support compliance with industry regulations.
"This is an exciting step for Black Knight as we announce our first acquisition as a publicly traded company," said Black Knight Executive Chairman Bill Foley.
"Over the last two-and-a-half years, we have successfully implemented our business plan to restructure the company and develop a strong cross-selling organization,” Foley continued. “It is now time to begin executing our acquisition strategy to accelerate our growth profile and fill out our product offerings."
According to Black Knight, by bringing eLynx into the fold, the company will now be to provide its clients with:
- A flexible document delivery platform, which securely facilitates interchange between consumers, lenders, title providers and other transaction participants either electronically or via proprietary, integrated print and mail capabilities
- A private-labeled, mobile-friendly consumer portal to support process transparency; collect and deliver documents throughout the loan lifecycle; and schedule inspections and closings
- Connectivity to an industry-leading network of settlement agents
- Support for data-validated electronic mortgage, including electronic document delivery (eDelivery), eSignature, eClosing, and eRecording as well as electronically registering and submitting the mortgage note to an electronic vault
"Integrating the strengths of Black Knight and eLynx will give clients an even sharper competitive edge, and will significantly expand Black Knight's opportunities to cross-sell our comprehensive solutions," said Black Knight President and CEO Tom Sanzone. "We believe this combination will continue to drive process standardization and efficiency throughout the loan lifecycle, and will positively impact industry initiatives focused on TRID, consumer advocacy and eMortgage adoption."
Matthews said that eLynx is ready for its next phase, as part of Black Knight.
"We are excited to become part of Black Knight, a company well known for providing leading technology to the mortgage industry," Matthews said. "I am confident eLynx and Black Knight clients will benefit from the combination of our powerful technologies and mutual commitment to delivering innovative solutions to the mortgage industry."
Financial terms of the deal were not disclosed.
