Ellie Mae, a mortgage software firm is set to acquire a Brentwood-based database management and marketing software firm for loan originators, the Mortgage Returns.
According to stltoday.com, Ellie Mae is based in Pleasanton, California and it plans to expand its company's network by acquiring Mortgage Returns.
It was reported that Ellie Mae has signed a "definitive agreement" to purchase Mortgage Returns. The amount for the deal is still undisclosed and seems both of the parties have to intention of divulging it yet. Ellie Mae plans to close the deal with Mortgage Returns n the end of the fourth quarter of the year.
Ellie Mae spokesperson Erica Harvill said that Mortgage Return's founder and chief executive officer Jim Blatt will still lead the company's operations and its 48 local employees will still remain to be based in Brentwood even after the sale.
Mortgage Returns' director of marketing Kim Goldstone said that the sale will being more opportunities both for Mortgage Return and Ellie Mae. He said that their current 7,500 software users will soon be growing due to this impending tie- up. "There's now the potential for that to grow", he added.
In a report by housingwire.com, Mortgage Returns has been known to be the provider of "on- demand customer relationship management and marketing automation solutions for the mortgage industry."
Mortgage Returns software is designed to serve as platform that provides automated marketing solution for the market originators benefit from the full potential and profitability from its prospects, referral partners and clients. The company's software is now being used by more than a hundred financial institutions.
Jim Blatt is also looking forward for the closing of the deal as it opens new opportunities for his company. He said "Together, we are poised to deliver a complete solution to our customers that will fuel change, enable massive efficiencies and provide a truly complete CRM offering."
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