Velocify acquired for $128 million, SpaceX’s Falcon Heavy completes first-stage test, and car shopping and lending app Fair launches in Los Angeles.

Velocify Acquired for $128 Million

Mortgage software developer Ellie Mae announced on Aug. 31 that it signed an agreement to acquire El Segundo’s Velocify, a developer of sales process management software, for $128 million in cash, reports the Business Journal. The Pleasanton-based company aims to integrate Velocify’s software with its customer relationship management program, which is designed to serve the mortgage finance industry.

SpaceX’s Falcon Heavy Completes First-Stage Test

SpaceX’s heavy lift rocket, the Falcon Heavy, completed its first-stage testing at a facility in McGregor, Texas, reports CNBC. The company said the liftoff thrust of Falcon Heavy equals approximately 18 Boeing 747 aircraft at full power and is the world's most powerful rocket.

Car Shopping, Lending App Fair Launches in Los Angeles

Fair, an app that allows customers to shop, get approved and pay for a car all on a phone launched today in the L.A. region, according to a press release. The company raised $16 million in its seed round, which was led by Javelin Venture Partners and included Charles River Ventures, Foundation Capital and Sherpa Capital.

Technology reporter Garrett Reim can be reached at greim@labusinessjournal.com. Follow him on Twitter @garrettreim for the latest in L.A. tech news.