GTCR, a private equity firm, announced on Thursday that it acquired Plano, Texas-based Optimal Blue, a cloud-based provider of enterprise lending services to the mortgage industry.
With the new change, founders and co-CEO's, Larry Huff and Ivan Darius, will be transitioning leadership of Optimal Blue to Scott Happ, founder and former CEO of Mortgagebot.
In addition, Sue Baker, a former senior vice president at Mortgagebot, will join Happ as vice president of product, while the management team will stay in place.
As a result, GTCR will work with Happ, Baker and Optimal Blue's management team to expand the company's strong network offerings and further invest in its technology.
The transaction is expected to close in the next four weeks, at which time Happ will assume the role of CEO.
Huff and Darius will remain involved with Optimal Blue as consultants.
GTCR also announced it committed up to $350 million of equity capital to the investment, to pursue growth initiatives at Optimal Blue, as well as complementary acquisitions to provide information and other digital services to the mortgage marketplace.
"I've had the great fortune to work with and serve the best customers, employees and partners one could imagine," said Larry Huff, co-founder and Co-CEO. "I also would like to recognize the great partners we have at Serent Capital. Kevin Frick, Lance Fenton, and the others have been incredibly supportive partners and invaluable to the success at Optimal Blue. It has been an incredibly rewarding experience, and I look forward to my continued involvement."
"Adding industry veterans Scott and Sue and the GTCR resources will turbo-charge the performance of the incredibly talented team assembled at Optimal Blue," added Ivan Darius, Co-Founder and Co-CEO.
