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.
Fool contributor Caroline Bennett has no position in any stocks mentioned. The Motley Fool recommends Ellie Mae. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.