Monday, August 15, 2011
Del Mar Datatrac Acquired By Ellie Mae
San Diego-based Del Mar Datatrac, a developer of mortgage origination software, has been acquired by Ellie Mae, in a deal worth $25.2M. Ellie Mae said the buy will expand the firm's customer base, and broaden the functionality of its own software. The deal is split between $17.2M in cash at closing, plus future cash payments of $3.0M, $3.0M, and $2.0M over the next three years. Ellie Mae said that Del Mar's operations will continue to be based in San Diego, with its sales, technology, support, and business development teams. Jeb Spencer, chairman of Del Mar and a Managing Partner at TVC Capital, will join the board of Ellie Mae as part of the acquisition. Del Mar Datatrac was previously known as Del Mar Database.