One Investment Firm Found a Silver Lining in the Mortgage Industry: Software
NY TIMES
No, this isn’t about Fannie Mae. And don’t get confused with Jed Clampett’s hayseed daughter Elly May on “The Beverly Hillbillies,” either. It’s Ellie Mae, the publicly traded provider of mortgage-processing software-as-a-service to American home lenders. The investment firm Thoma Bravo is paying $3.7 billion to acquire the Pleasanton, Calif.-based Ellie Mae. That’s more than 25 times the software company’s projected earnings before interest, taxes, depreciation and amortization for this year, …