Ellie Mae Shares Surge On IPO
PLEASANTON, Calif. – Shares of mortgage software provider Ellie Mae soared 13% on their first day of trading Friday, marking a big launch for the company’s initial public offering.
The company’s software system connects credit unions, mortgage bankers, mortgage brokers, community banks and other mortgage lenders. Mortgage originators can use the system to conduct transactions with lenders.
Ellie Mae, founded in 1997, last year earned net income of $777,000 on $43.2 million in revenue. It had a net of $1.7 million in 2009.