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.
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. Many of Ellie Mae’s customers already use Velocify’s software, the company said.
Ellie Mae is a publicly traded company with a market capitalization of about $3 billion. Its cloud-based software aims to help lenders to originate more loans, reduce origination costs, shorten the time to close deals and ensure regulatory compliance.
Velocify’s sales software platform aims to help teams handling high volumes of sales call streamline automate and optimize their process. The company claims to have more than 1,500 customers.
The acquisition is expected to close in the fourth quarter of 2017.