Mortgage software developer Ellie Mae said it has 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, Ellie Mae said.

Ellie Mae is a publicly traded company with a market capitalization of about $3 billion. Its cloud-based software aims to help lenders originate more loans, reduce origination costs, shorten the time to close deals and ensure regulatory compliance.

Velocify pitches its sales software platform as a way to help teams handling high volumes of sales calls 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.

– Garrett Reim