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Is Intercontinental Exchange preparing to transform the mortgage market too? The acquisition of Ellie Mae Intercontinental Exchange is the owner of financial exchanges including the New York Stock Exchange, and the company has a track record of creating liquid financial markets and then making a killing by monetizing the data assets. The acquisition of Ellie Mae is remarkable for more than just its sheer size.
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The company closed its $11 billion acquisition of Ellie Mae in September, which sets it up to dominate the market for mortgage software used by mortgage originators, lenders, and record keepers. Mr Sprecher concluded: “Our planned acquisition will bring to life a true end-to-end solution for the mortgage manufacturing and servicing ecosystem, benefitting aspiring and current homeowners across the US.Intercontinental Exchange ( ICE 3.01%) just made a huge bet on providing software for the residential housing market. The transaction is expected to close in the first half of 2023, following the receipt of regulatory approvals, Black Knight stockholder approval and the satisfaction of customary closing conditions. JP Morgan Securities LLC is serving as the exclusive financial adviser to Black Knight, with Wachtell, Lipton, Rosen & Katz serving as legal adviser. Serving as lead financial advisers to Intercontinental Exchange are Goldman Sachs and Co., LLC and Wells Fargo Securities, LLC, with Shearman & Sterling LLP and Morgan Lewis & Bockius LLP serving as legal advisers.
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“Black Knight’s high-growth, recurring revenue stream will further complement our ‘all weather’ business model, while the strength of ICE’s balance sheet, and our combined cash flows, position this transaction to be accretive to adjusted earnings in the first full year.” “This transaction will benefit ICE, Black Knight and our collective shareholders,” said Warren Gardiner, chief financial officer at Intercontinental Exchange.
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ICE’s acquisition of Black Knight is the latest in a series of deals since 2016, including Simplifile in 2019 and Ellie Mae in 2020, to support its mortgage servicing business. “By combining our expertise, we can deliver significant benefits to our clients and consumers by improving and streamlining the process of finding a home, as well as obtaining and managing a mortgage.” Jabbour, chair and chief executive of Black Knight. “Black Knight has been on a successful journey to transform the mortgage industry,” said Anthony M.
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“Black Knight shares our passion for leveraging technology to serve customers and households.”īased in Florida, Black Knight has approximately 6500 employees and is a long-time driver of innovation in the mortgage industry, providing a comprehensive and integrated ecosystem of software, data and analytics solutions serving the real estate and housing finance markets. Sprecher, founder, chair and chief executive of ICE. “Since our founding, ICE’s simple mission has been to make analogue and opaque financial transactions more digital and transparent,” said Jeffrey C. Moreover, the combination will result in improvements in the mortgage lending process for borrowers and lenders by increasing automation and efficiencies that lower the cost of obtaining a mortgage, while harnessing data that can help current homeowners lower their monthly payments and lessen the likelihood of default.Ī Fortune 500 company formed in 2000 that operates global exchanges, clearing houses and provides mortgage technology, data and listing services, ICE owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. The addition of Black Knight’s technology solutions, real estate and mortgage-related data assets, leading analytics, and its team of mortgage and technology professionals complements and strengthens ICE’s rapidly growing mortgage technology business. The transaction has been unanimously approved by the boards of directors of both companies. The cash and stock transaction values Black Knight at $85 per share, with consideration in the form of a mix of 80 percent cash and 20 percent stock.
(ICE) has acquired software, data and analytics company Black Knight, Inc. In a $13.1bn deal that significantly strengthens its mortgage technology ecosystem, global provider of data, technology and market infrastructure Intercontinental Exchange, Inc.
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