Technology

Suddenly, Ellie Mae is a $1B company

Growing mortgage tech provider has been seen as potential takeover target

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Shares in fast-growing mortgage industry software developer Ellie Mae hit an all-time high today, pushing the Pleasanton, California-based company's market capitalization over the $1 billion mark. Bloomberg News has reported that the convergence of technology and housing is creating opportunities for mergers and acquisitions, and that Ellie Mae might be a ripe takeover target. Analysts told Bloomberg last year that potential buyers like IBM and Accenture Plc might be willing to pay $35 to $38 a share for the company. Shares in Ellie Mae hit a 52-week high of $37 today, up 64 percent from last November. At that price, Ellie Mae is worth more than realtor.com operator Move Inc., set to be acquired by Rupert Murdoch's News Corp for $950 million. Ellie Mae says its Encompass mortgage management platform helps banks, credit unions and mortgage lenders improve compliance, loan quality and efficiency. This summer, Ellie Mae rolled out a consumer direct solution for Encompass that ...