Wednesday, December 16, 2009

Mavent Acquired By Ellie Mae

Irvine-based Mavent, a developer of mortgage compliance software, has been acquired by Ellie Mae, a provider of software and services for the banking and mortgage industry, Ellie Mae announced Wednesday. Financial terms of the buy were not disclosed. According to Ellie Mae, it will make Mavent's automated compliance solutions as part of an integrated service for users of its own Encompass360 Mortgage Management Systems. Ellie Mae said that it will retain Mavent's personnel handling operations, product, legal and development, with the company continuing to be based in Irvine. Mavent was founded in 2000, and was venture backed by FT Capital.