Mortgagebot, a Mequon, Wis., provider of rate-search and loan application technology, has agreed to sell itself to the Canadian financial services technology provider Davis Henderson Corp. for $231.8 million.
The acquisition would expand Davis Henderson's online financial services technology offerings and increase its U.S. profile. The Canadian company's current operations include a loan origination system.
The deal was announced March 24 and is expected to close on April 13. Scott Happ, Mortgagebot's founder, president and chief executive, and the rest of the company's management team are to stay on.
Mortgagebot, which reported revenue of $38.63 million for 2010, would become a division of Davis Henderson. Mortgagebot's customers include roughly 1,000 banks and credit unions, which it claims is an 80% market share for its offerings. Mortgagebot's majority owner is the Boston private-equity firm Spectrum Equity Investors.
