| Ellie Mae, Inc. | |
| Type: | Subsidiary |
| Fate: | Acquired by Intercontinental Exchange |
| Industry: | Technology – Application Software |
| Services: | Automated solutions for the residential mortgage industry |
| Location: | Pleasanton, California, U.S. |
| Key People: | |
| Owner: | Intercontinental Exchange |
Ellie Mae Inc., originally named Electronic Mortgage Affiliates,[1] is a software company that processes 35% of U.S. mortgage applications.[2] The services are based on a software as a service model (SaaS),[3] and specializes in originating and funding new mortgage loans and facilitating regulatory compliance. The company is headquartered in Pleasanton, California.[4]
Ellie Mae was founded in 1997 by Limin Hu and Sigmund Anderman.[4]
In 2009, Ellie Mae was accused by DocMagic, a competitor, of violating antitrust and intellectual property laws around actions taken when the vendor agreement between the two companies expired. The two companies settled the lawsuit after three years of litigation.[5]
Ellie Mae made its initial public offering in 2011, valued at approximately $122 million.[6]
Ellie Mae acquired the assets of Online Document Systems Inc. (2008), Mavent Inc. (2009), Del Mar DataTrac (2011),[7] Mortgage Pricing Systems (2011), MortgageCEO (2014),[8] AllRegs (2014),[9] [10] ARG Interactive (2014),[11] MortgageReturns (2015), Velocify (2017), Docvelocity (2019), and Capsilon (2019)[12]
In April 2019, Ellie Mae was acquired by Thoma Bravo, LLC, a private equity investment firm, in an all-cash transaction that valued Ellie Mae at an aggregate equity value of approximately $3.7 billion. The acquisition was announced on February 12, 2019, and closed on April 17, 2019.
In August 2020, Intercontinental Exchange announced that it had entered into a definitive agreement to acquire Ellie Mae for approximately $11 billion.[13] The transaction completed successfully in September 2020 after regulatory approval.[14]