Ellie Mae shareholders will receive $99 in cash for each share they hold, representing a premium of 21 percent to the stock's Monday closing price.
The Pleasanton, California-headquartered company provides a cloud-based platform for the mortgage finance industry and enables lenders to originate loans. Its partners include Equifax Inc, Genworth Mortgage Insurance, Fannie Mae, and Freddie Mac.
The deal, which includes a 35-day period in which Ellie Mae can solicit buyout offers from other parties, will likely close in the second or third quarter of 2019, Ellie Mae said in a statement.
Jefferies provided financing for the deal.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)