More big news on the Mortgage M&A front … SitusAMC, the growing tech services provider, has acquired the parent company of ComplianceEase, the residential regulatory compliance technology provider. The move helps SitusAMC expand its rapidly growing residential technology offerings.
Asked about the acquisition, SitusAMC CEO Michael Franco told Mortgage Media: “Our shared vision for greater automation and connectivity across the life cycle of residential real estate lending and trading is what brought this transaction together and is proof-positive of the investment we’re making in game-changing technologies,” Franco said. “SitusAMC is focused on driving innovative and paradigm changing solutions to help our client realize opportunities in their businesses while making markets more transparent and efficient.”
According to the news release, there are no planned changes to existing staff or operations, and ComplianceEase will operate as a wholly owned subsidiary or SitusAMC. John Vong will stay on as ComplianceEase chairman. Michael Jackman, CEO, is also staying on.
Vong, a founder of ComplianceEase, added in the release: “SitusAMC was a logical choice for us given the company’s expertise in regulatory compliance requirements and passion for innovative technology.”
The news is just another example of an active merger and acquisition market. Intercontinental Exchange just completed a deal to buy Ellie Mae for $11 billion.