Thoma Bravo to acquire US lendtech Ellie Mae for $3.7bn
Private equity investment firm Thoma Bravo will acquire US-based lendtech Ellie Mae for $3.7 billion.
Ellie Mae provides a cloud-based platform for the mortgage finance industry. The deal is an all-cash transaction.
Holden Spaht, a managing partner at Thoma Bravo, says: “Ellie Mae is leading the digital transformation of the residential mortgage industry and we look forward to building on the company’s successes and to our partnership through this next chapter of growth.”
Ellie Mae’s board of directors unanimously approved the definitive agreement and recommended that stockholders vote their shares in favour of the transaction.
Ellie Mae’s headquarters will remain in Pleasanton, California, with regional offices across the US.
Closing of the transaction is subject to approval by Ellie Mae stockholders and regulatory authorities and the satisfaction of customary closing conditions. The transaction is expected to close in the second or third quarter of 2019 and is not subject to a financial condition.
Back in June 2018, Thoma Bravo acquired another mortgage software company, California-based MeridianLink.