Intercontinental Exchange ICE acquires software company Ellie Mae to expand digital mortgage business

The Intercontinental Exchange (ICE) announced the acquisition of the software company Ellie Mae from the private equity firm Thoma Bravo to expand the digital home mortgage business. The transaction shows that the valuation of Ellie Mae is approximately US$11 billion. The transaction is also an intercontinental transaction. The third acquisition for the expansion of its mortgage services division. According to the statement, the Intercontinental Exchange has invested a total of approximately US$11.5 billion in the automated mortgage process strategy. Mortgage services are expected to achieve approximately US$1.1 billion in revenue in 2020, including the estimated annual revenue of US$900 million from the acquired Ellie Mae company. The software company Ellie Mae was founded in 1997, is headquartered in California, and has approximately 1,700 employees. It provides technical services to participants in the mortgage supply chain through several lending platforms.