One of the first things that initiates the whole process on a purchase is the purchase agreement. TYRRELL: Look at the capabilities we have, especially with our automated data, our document recognition and automated data extraction capabilities from our AIQ ( previously known as Capsilon) offering. Is that what you are trying to alleviate with this new product Ellie Mae will be unveiling? Simplifile's got all the connectivity to all those individual title agents, so we can create one comprehensive eclosing solution, which will be a far superior experience for the consumer but will significantly reduce expense and friction for the lender.ĭuring a DigMo session on digital closings, the panel discussed that friction because of all of the different systems and parties involved, especially on a purchase transaction. Some of them come from the title officer.Īnd so the challenge has been, how do you get those documents that need to come from the title office to seamlessly integrate with those that come from a lender, to truly being a real eclose with an enote? Now we have the opportunity to bring these two great capabilities together. Not all of the documents presented to the consumer come from the lender. The vast majority of them use our Ellie Mae docs, and we're in the final stages of getting prepared to introduce our eclosing solution. So when you think about how we bring these all together with Ellie Mae, we have this very significant client base. ![]() TYRRELL: The challenge with Simplifile and MERS is they've done this incredible job of digitizing the back end but they're still waiting for somebody on the front end to make eclosing a standard. Joe, I know the deal recently closed and you were recently named to your new post, but how are you thinking about integrating Ellie Mae, MERS and Simplifile? Joe Tyrrell is the new president of ICE Mortgage Technology. And so I think it was a great deal all the way around for everyone. ICE saw the tremendous value in the company and where we're going and how it fits so well with them. It happened to go faster than that because of a couple of things: we executed faster and the market recovered faster. Thoma Bravo came in with a market that was down on mortgage, it was down on technology. From my perspective - and I think Joe would probably say the same thing - it allowed us to execute on things that we were doing but at an expedited pace. Being private definitely allowed us to do some things operationally that would have been more difficult as a public company. I think both sides had expected the partnership to be four to five years. Write to Junho Cha at Lee edited this article.Jonathan, during the period that Ellie Mae was owned by Thoma Bravo, did you accomplish all that you were looking to do in terms of what your original aims were in taking the company private?ĬORR: We did not expect that the partnership with Thoma Bravo would be as short as it had been. ![]() In September, the KTCU said it would invest 100 billion won ($85 million) in a pre-completed logistics center leased to in Delaware, US for an expected annual return of around 8%. KTCU is a savings association with 33 trillion won in assets under management as of the end of 2019. ![]() ICE, owner of the New York Stock Exchange, acquired Mortgage Electronic Registrations Systems (MERS) in 2016 and the mortgage tech firm Simplifile in 2019 in a move to digitalize the mortgage process. ICE's acquisition of Ellie Mae is part of the exchange operator's move to boost its presence in the mortgage tech space through active M&As. In 2019, the tech-focused PE firm acquired Ellie Mae for $3.7 billion in which the KTCU invested a total of $37.6 million, including part of its $100 million commitment to the No.13 blind fund managed by Thoma Bravo in July 2018.įounded in 1997, Ellie Mae is a cloud-based platform provider for the mortgage finance industry. The South Korean teachers' fund pocketed $153.8 million from the divestment, achieving a 167% internal rate of return when the global securities exchange operator Intercontinental Exchange (ICE) acquired Ellie Mae from Thoma Bravo for $11 billion. The Korean Teachers' Credit Union (KTCU) has secured returns nearly four times its $37.6 million investment in the US cloud-based platform provider Ellie Mae in just one and a half years after a US private equity firm exited the startup, according to the investment banking industry on Oct.
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