Ellie Mae recently completed restructuring its team after its acquisition by Thoma Bravo, a restructuring that includes the layoff of about 10% of its staff.
“Last week we completed a restructuring of our team so that we can ensure Ellie Mae will continue to grow and achieve our goal of automating the residential real estate finance industry,” Ellie Mae said in a statement to HousingWire.
Back in mid April, private equity firm Thoma Bravo completed its all-cash $3.7 billion purchase of Ellie Mae.
The private equity investment firm acquired the loan origination software provider at an aggregate equity value of approximately $3.7 billion. And in doing so, the company took Ellie Mae private, ending the golden era on one of the most impressive stock performances of any company in the mortgage finance space.
“With the investment and support from Thoma Bravo, we will remain committed to our customers’ success, innovation and growth of the Encompass Digital Lending Platform while maintaining our position as a best place to work,” Ellie Mae Jonathan Corr said at the time.
But now, as part of the acquisition, Thoma Bravo is making some internal changes.
“Since the Thoma Bravo acquisition announcement in February, our leaders have been working on a plan with Thoma Bravo that enables us to continue to execute our strategy and maintain our leadership position in the market and profitability,” Ellie Mae told HousingWire. “While our strategy is the same, we now move forward as a private company, which required some restructuring in order to both achieve our financial goals, as well as to improve our ability to deliver on all of these critical initiatives.”
Those let go are being offered severance packages to help with the transition.
“As part of this restructuring, we have made a very difficult decision to inform a little over 10% of our population from across the company that they will no longer be Ellie Mae teammates,” the company told HousingWire. “These are not changes we take lightly. We will ensure our impacted teammates are treated with dignity and respect and they will be offered a package to assist them through this transition.”
