Ellie Mae, a cloud-based platform provider for the mortgage finance industry, announced it has signed a definitive agreement to acquire Velocify, a sales acceleration platform.
With this agreement, Ellie Mae will accelerate its vision of offering a fully digital mortgage by combining the lead management software of Velocify with Ellie Mae Encompass CRM’s unique approach to automated one-to-one personalized marketing and the Encompass Consumer Connect digital consumer experience.
“As part of our comprehensive strategy to deliver the first true digital mortgage to the industry, we are helping lenders to originate more loans, reduce costs, and complete the entire mortgage process faster,” said Jonathan Corr, President and CEO of Ellie Mae. “The combination of Velocify’s solution with our Encompass CRM and Encompass Consumer Connect solutions will accelerate our delivery of the most robust digital mortgage solution in the market. The acquisition will enable us to provide the first combined solution that helps lenders turn consumer interest into applications by offering a personalized, high-tech and human-touch experience. Going forward we will empower lenders’ sales teams to keep pace with the speed of opportunity, drive down costs of origination through greater lead capture and conversion, and improve productivity through actionable selling insights.”
Velocify’s lead management solutions will help sales teams keep pace with the speed of opportunity by driving rapid lead response, improving productivity, and offering actionable selling insights. The company helps sales teams sell more by streamlining and optimizing the sales process from start to finish by enabling teams to accelerate leaf engagement and implement effective workflows, ultimately helping lenders find and convert more leads, faster. Many of Ellie Mae’s Encompass all-in-one mortgage management solution customers already use the Velocify solution.
Under the terms of the agreement, Ellie Mae will acquire Velocify for $128 million in cash. The transaction is expected to close in the fourth quarter of 2017 and will have no impact on third quarter financials. Ellie Mae will provide additional financial details when the company reports its third quarter results.
“A digital transformation is occurring across the financial services industry, especially in the mortgage vertical in which Velocify has a leading position,” said Nick Hedges, President and CEO of Velocify. “Successful sales teams offer an end to end digital experience combined with as much human touch as the consumer desires throughout their buying process. The team at Velocify has built the leading software solution for consumer sales engagement during the early stages of the sales process. By joining forces with Ellie Mae we are very excited to extend that capability throughout the consumer buying cycle.”