Ellie Mae
| Company type | Private |
|---|---|
| Industry | Software, Mortgage technology |
| Founded | 1997 |
| Founder | Limin Hu, Sigmund Anderman |
| Headquarters | Pleasanton, California , United States |
| Products | Cloud-based mortgage origination and funding platform |
| Owner | Intercontinental Exchange (ICE) |
Ellie Mae Inc., initially known as Electronic Mortgage Affiliates, is a software enterprise that handles roughly 35% of mortgage applications across the United States. Its cloud-based platform focuses on the origination and funding of new mortgage loans while maintaining adherence to regulatory standards. Based in Pleasanton, California, Ellie Mae delivers automated solutions tailored for the residential mortgage sector.
History
Established in 1997 by Limin Hu and Sigmund Anderman, Ellie Mae encountered a legal conflict with rival DocMagic in 2009 concerning accusations of antitrust breaches and intellectual property infringement, which was resolved after three years. The company launched its initial public offering in 2011, raising close to $122 million.
Mergers and Acquisitions
Ellie Mae broadened its industry footprint through a series of targeted acquisitions, including Online Document Systems Inc. (2008), Mavent Inc. (2009), Del Mar DataTrac (2011), Mortgage Pricing Systems (2011), MortgageCEO (2014), AllRegs (2014), ARG Interactive (2014), MortgageReturns (2015), Velocify (2017), Docvelocity (2019), and Capsilon (2019).
In an all-cash transaction valued at around $3.7 billion, private equity firm Thoma Bravo purchased Ellie Mae in April 2019, following an announcement made earlier that February.
Intercontinental Exchange (ICE) declared in August 2020 its intention to acquire Ellie Mae for approximately $11 billion. After receiving regulatory clearance, the deal was finalized in September 2020, enabling ICE to promote a fully digital mortgage platform.