Ellie Mae Acquires Velocify to Bolster Digital Mortgage Ecosystem
Velocify, a leading sales automation SaaS provider, has announced that it has been acquired by the leading cloud-based platform provider for the mortgage finance industry, Ellie Mae. The two companies would join forces to bring cutting-edge tech to proliferate the digital mortgage ecosystem.
Going forward, by integrating Velocify’s technology with the proprietary Ellie Mae Encompass CRM™ and Encompass Consumer Connect™ solutions, Ellie Mae will be able to deliver fully digital front-end experience to convert leads and meet the needs of borrowers everywhere.
Nick Hedges, President and CEO of Velocify, announced the acquisition via his blog. Nick said, “Ellie Mae not only has far more resources than Velocify to fuel our growth but their platform is also incredibly well aligned with ours. Velocify has emerged as the undisputed leader in consumer sales engagement and lead management software over the past several years but we leverage back-end systems such as Salesforce and Ellie Mae once a lead gets far down the buying process. By joining forces with Ellie Mae we will be able to help our customers provide a full-cycle buying process for their consumers that is as automated and digitalized as the consumer desires it to be.”
By acquiring Velocify, Ellie Mae would be able to accelerate the mortgage process. The acquisition comes at a critical time for the companies and the lenders in the US, even as the industry is shifting its focus to a more purchase-centric market that offers a synergistic mix of high tech and human moments to home buyers across all generations.
Joe Tyyrell, EVP, Corporate Strategy at Ellie Mae, said, “We believe that a true digital mortgage must encompass the entire loan lifecycle, from targeted marketing automation and digital lead generation all the way through automated investor delivery.”
Together with Velocify, Ellie Mae is expected to challenges in addressing the front-end home buyer needs for speed and transparency, as well as the lender needs to close more loans, close loans faster, reduce origination costs and leverage data and insights to make better, more informed business decisions. Additionally, it would help a lender differentiate themselves from the competition but also offer the flexibility to engage with the home buyer how and when the home buyer needs it, whether by email, phone, text or in person.