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While the financial details of the merger were not disclosed, the transaction is expected to close by the end of the year. Ellie Mae CEO Sig Anderman believes that acquiring MortgageCEO "is consistent with our mission to automate every aspect of the mortgage process," particularly because of its emphasis on CRM technology, which Anderman says is "a key addition to our product offering and an important tool in helping our clients drive loan volume."
Under the terms of the new agreement, it is anticipated that all of MortgageCEO's existing employees -- including CEO Jaret Christopher -- will come to work with Ellie Mae.