Transformative deal boosts AI capabilities and enables true digital mortgage
PLEASANTON, Calif.–(BUSINESS WIRE)–Ellie Mae®, the leading cloud-based platform provider for the mortgage finance industry, announced today that is has signed a definitive agreement to acquire Capsilon, the leading provider of AI-powered mortgage automation software for mortgage lenders, investors and servicers. With the acquisition of Capsilon, Ellie Mae is accelerating the vision of offering a fully digital mortgage by combining Ellie Mae’s Encompass™ Digital Lending Platform with Capsilon’s AI-powered solutions to create the most comprehensive end-to-end SaaS solution for companies in the mortgage industry.
“With the delivery of our next generation lending platform, we are accelerating our mission to automate everything automatable for the residential mortgage market. This includes making strategic acquisitions of best-in-class solutions to bring more value to the platform and the ecosystem faster,” said Jonathan Corr, president and CEO of Ellie Mae. “This is a significant day for the mortgage industry, as with the acquisition of Capsilon we are bringing together two market-leading companies and adding to our platform the pioneer of AI-powered intelligent automation leveraged by some of the largest lenders and servicers in the industry. As lenders and servicers continue to shift toward data-driven automation, we are excited to provide automated document recognition, classification and data extraction to further drive down costs and time of loan origination, acquisition and servicing.”
The acquisition increases the productivity of mortgage lenders, investors and servicers by automating critical business processes to create massive efficiencies throughout the mortgage lifecycle. Capsilon’s best-of-breed platform, Capsilon IQ, is used by companies across the mortgage industry, including six of the top 10 originators and servicers, to automate manual work and power their businesses with trusted data.
Additionally, the company recently introduced Capsilon Instant Underwriter, the mortgage industry’s first autonomous underwriting engine that leverages artificial intelligence, data extraction and process automation to complete underwriting tasks in seconds, with greater consistency, accuracy and less risk.
“The team at Capsilon has built the leading AI-powered platform that is changing the economics of the industry by enabling mortgage lenders and servicers to significantly increase profitability on each loan,” said Sanjeev Malaney, CEO and Founder of Capsilon. “By joining forces with Ellie Mae, we are excited to extend our capabilities and deliver unprecedented functionality through deep integrations with the Encompass Digital Lending Platform. This will help lenders leverage automation from consumer engagement through investor delivery and servicing. We believe this combination will offer value to all of our customers and integration partners, regardless of LOS or servicing platform.”
Ellie Mae was advised by Sidley Austin LLP as its legal counsel. Capsilon was advised by Jefferies as its financial advisor and Kirkland & Ellis LLP as its legal counsel in connection with the transaction.
For more information about the Ellie Mae Encompass Digital Lending Platform visit, https://www.elliemae.com/encompass/encompass-digital-lending-platform
About Ellie Mae
Ellie Mae is the leading cloud-based platform provider for the mortgage finance industry. Ellie Mae’s technology solutions enable lenders to originate more loans, lower origination costs, and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency. Visit EllieMae.com or call (877) 355-4362 to learn more.
© 2019 Ellie Mae, Inc. Ellie Mae®, Encompass®, AllRegs®, the Ellie Mae logo and other trademarks or service marks of Ellie Mae, Inc. appearing herein are the property of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.
Ellie Mae, Inc.