Ellie Mae to be acquired for 3 times as much as its last offer
August 7, 2020
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In today’s Daily Download episode, HousingWire covers an announcement from Ellie Mae that it has entered a definitive agreement to be acquired by Intercontinental Exchange for approximately $11 billion.
For some background on the story, here’s a summary of the article:
Ellie Mae announced Thursday it entered a definitive agreement to be acquired by Intercontinental Exchange for approximately $11 billion. The move comes 15 months after Thoma Bravo, a private equity investment firm, announced it would acquire Ellie Mae in an all-cash transaction of $3.7 billion.
“We are excited to be joining the Intercontinental Exchange family and having the opportunity to work closely with Simplifile and MERS in helping our industry to realize the true digital mortgage,” said Jonathan Corr, president and CEO of Ellie Mae. “We have been on a journey, as we have long said, ‘to automate everything automatable’ for the mortgage industry, and joining ICE, which has followed a parallel journey in global exchanges, will allow us to further accelerate realizing our vision.”
ICE’s decision to acquire Ellie Mae follows the company’s actions over the last four years to strengthen its hold in the residential mortgage industry.
Following the main story, HousingWire covers Freddie Mac’s Primary Mortgage Market Survey that shows mortgage rates fell to new record lows this week and an $80 million fine assessed to Capital One for its cybersecurity and risk management practices.
The Daily Download examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode: