Real estate information marketplace Zillow Inc. says it has an agreement to acquire mortgage product and pricing engine Mortech Inc. that will accelerate the development of Zillow’s Mortgage Marketplace.
Zillow said the acquisition of Lincoln, Neb.-based Mortech for $12 million in cash and 150,000 shares of stock is expected to close by the end of the year, allowing it to deliver marketing and productivity solutions to mortgage professionals to help them manage their business, and convert more borrower contacts to funded loans.
Most high-technology companies are generally found near California cities or in a few other tech-centric outposts such as Seattle (mostly to service the Microsoft juggernaut) or Northern Virginia (generally telecommunications).
Mortech Inc., a mortgage technology company, hails from the relatively tiny technology node of Lincoln, Neb. Sure, the University of Nebraska is based in Lincoln, but one of the main reasons Mortech is located there is because Don Kracl, the company’s founder, grew up about 70 miles away. And, oh yes, he is a graduate from The Big Red.