Canadian Firm Acquires Mortgagebot LLC
MEQUON, Wis. – Mortgagebot LLC, one of the first providers of online mortgage origination solutions, has agreed to be acquired by Davis + Henderson Corp., a Toronto-based provider of financial services, for $238.8 million in cash.
Founded in 1997, Mortgagebot provides a range of consumer direct, loan officer and branch and call center mortgage origination solutions for nearly 1,000 banks and credit unions.
"As a proven business with a track record of innovation and growth, Mortgagebot gives us a solid position with a large number of new customers within the US financial services marketplace. We are very pleased that Scott Happ, Mortgagebot's founder, President and CEO, and his team will be joining us to execute our shared growth plans,” said Bob Cronin, CEO of D+H.
The deal will be funded through the issuance of $121.8 million of new equity and $115 million of new borrowings.