Ellie Mae Acquires Datatrac
PLEASANTON, Calif. – Ellie Mae has acquired Del Mar Datatrac, Inc.
The company said the acquisition will accelerate expansion of its lender customer base, “significantly increasing the number of mortgages funded by its customers, and broadening the functionality of its Encompass solutions.”
Del Mar’s origination software, DataTrac, is used by more than 200 mortgage lenders as a core operating system to process and fund loans, create workflow efficiencies, manage secondary marketing transactions and handle reporting and business intelligence. In a statement, the company said its current customers are expected to fund an estimated 500,000 mortgages in 2011. The combined companies’ customer base has the potential to originate approximately 30% of all residential mortgages originated in the United States this year.
According to Ellie Mae, the acquisition eventually could add approximately 20,000 users to the Ellie Mae Network.
Ellie Mae acquired 100% of the equity of Del Mar Datatrac, Inc., a privately held company, for $17.2 million cash at closing, and future cash payments of $3 million, $3 million and $2 million to be paid over the next three years.