Ellie Mae, the leading cloud-based platform provider for the mortgage finance industry, has made some big announcement this week. The company has just announced plans to acquire a sales accelerator Startup.

According to the company’s press release, the Pleasanton, California-based company has signed a definitive agreement to acquire Velocify for $128 million in cash. The deal, which is still subject to regulatory approval, is expected to close in the fourth quarter of this year. The deal will allow lenders to deliver a complete digital lead capture and conversion solution.

A close at Velocify, the target company

Founded in 2004 and based in Los Angeles, California, Velocify provides a sales acceleration software platform that provides cloud-based intelligent sales automation software designed for fast-paced environments. Led by Nick Hedges, Velocity helps high-velocity sales teams streamline, automate, and optimize their sales processes by surfacing actionable performance insight to stay focused on activities that lead to more customers and sales.

In October 2007, the company raised $3.25 million from its Series A funding round led by Rustic Canyon Partners. And in February, it raised another $15 million from its Series B funding round led by Volition Capital. Overall, the startup has received a total of $18.25 million in venture capital.

The startup has two big investors, Rustic Canyon Partners and Volition Capital.

A close look at Ellie Mae

Founded in 1997 and based in Pleasanton, California, Ellie Mae is a cloud-based platform that provides enterprise-level, on-demand automated solutions for the mortgage finance industry. The mortgage finance firm process almost a quarter of US mortgage applications.

Ellie Mae’s services are based on a SaaS (software-as-a-service) model that streamlines and automates the mortgage applications, from funding new mortgage loans to facilitating regulatory compliance.

As mentioned earlier by BusinessWire, the company provides technology solutions that enable lenders to originate more loans, reduce origination costs, while ensuring high levels of regulatory compliance.

It connects mortgage lenders, service providers, and investors.

In September 2013, the company introduced Encompass360, an updated mortgage-management system that helps underwriters comply with the latest federal mortgage rules. That service features discount assessment, debt-to-income calculators, and tools for evaluating loan’s quality.

The company also made several acquisitions in the past few years. These include Online Documents in 2008, Mavent Inc. in 2009, Del Mar Data Trac in 2011, Mortgage Pricing Systems in 2011, MortgageCEO in 2013 and AllRegs in 2014. AllRegs is a Minnesota-based information provider for the mortgage industry.

Also, the company also won numerous awards in the mortgage industry.

Ellie Mae has won the Top 50 Service Provider awards for 2007, 2008 and 2009. Additionally, it also won the Synergy Award in 2006 and Top 25 Vendor award in 2006. Mortgage Technology Magazine gave the awards.