Intercontinental Exchange to buy Ellie Mae in a purchase deal worth $11 billion

07.08.2020 - Petr Mazaylo
Intercontinental Exchange to buy Ellie Mae in a purchase deal worth $11 billion

On Thursday, the Intercontinental Exchange Inc. (ICE.N) (ICE) announced that it would acquire mortgage-software company Ellie Mae (ELLI) from private equity firm Thoma Bravo LLC. in a purchase deal worth $11 billion including debt. ICE is also the company that owns the New York Stock Exchange (NYSE).

The financial market company said that it expects ICE Mortgage Services to bring in $1.1 billion revenue this year including Ellie Mae’s projected annual revenue of approximately $900 Million.

“We are excited to be joining the Intercontinental Exchange family and having the opportunity to work closely with Simplifile and MERS in helping our industry to realize the true digital mortgage,” Ellie Mae’s Chief Executive Officer Jonathan Corr said in a statement.

ICE said that it would fund the Ellie Mae purchase deal by using cash with 16% of the value covered by the issuance of new ICE common stock.

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