Boston Venture Firm AcquiresMortgagebot
BOSTON - (09/29/05) -- Spectrum Equity Investors saidWednesday it will become the new majority owner of online mortgageplatform developer Mortgagebot after recapitalizing the firm withan $84 million investment. Mortgagebot provides online mortgageservices, including a web-based origination system, to more than200 credit unions. Morgagebot's PowerSite product is aconfigurable, private-label service that is used by more than 500credit unions and banks. The company was founded in 1997 as a unitof Milwaukee-based banking company Marshall & Ilsley, theparent of Metavante, and was spun off by M&I through amanagement-led buyout in 2001.