Intercontinental Exchange Inc., the owner of the New York Stock Exchange, said it would acquire mortgage-software firm Ellie Mae, a landmark bet by the exchange giant on the digitization of the U.S. mortgage industry.
The deal with private-equity firm Thoma Bravo values Ellie Mae at $11 billion, including debt.
, as the exchange operator is known, is funding 84% of the deal’s price tag with cash, and the rest with newly issued stock. The deal is expected to close in the third or fourth quarter of 2020, pending regulatory approval, it said.
Thoma Bravo acquired Ellie Mae last year for $3.7 billion.
ICE has been stepping up its presence in the mortgage market during the past several years, in a bet that the cumbersome, often paper-based process of closing a mortgage deal will go digital in the coming decades.
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