GTCR has closed its previously announced buy of Plano, Texas-based Optimal Blue Holdings, a mortgage technology provider. Although the exact terms of the deal were not disclosed, GTCR has committed to invest up to $350 million in equity in Optimal Blue. Stephens Inc advised GTCR on the deal while FT Partners advised Optimal Blue.
CHICAGO, July 1, 2016 /PRNewswire/ — GTCR, a leading private equity firm, announced today that it completed the acquisition of Optimal Blue Holdings (“Optimal Blue” or the “Company”), an innovative cloud based software as a services provider. Optimal Blue, headquartered in Plano, Texas, provides leading managed-content, enterprise lending services to mortgage originators and investors. GTCR has committed up to $350 million of equity capital to the investment to pursue growth initiatives and complementary acquisitions in partnership with new CEO Scott Happ.
Optimal Blue provides the leading product and pricing engine (PPE) for the mortgage industry which helps process approximately 1 in 4 mortgages originated in the United States. The Company has expanded the automated workflow platform in recent years to include secondary marketing, compliance, data and analytics and consumer engagement services across its network.
GTCR will work with Scott Happ, Sue Baker and Optimal Blue’s existing management team to expand the Company’s strong network offerings and further invest in its technology. Mr. Happ, Founder and former CEO of Mortgagebot, has joined the Company as Chief Executive Officer. Ms. Baker, a former Senior Vice President at Mortgagebot, also joined as Vice President of Product.
Stephens Inc. served as financial advisor to GTCR. Optimal Blue was advised by FT Partners.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare, Technology, Media & Telecommunications and Growth Business Services industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $12 billion in over 200 companies. For more information, please visit www.gtcr.com.
About Optimal Blue
Optimal Blue is the premier cloud-based provider of managed-content, enterprise lending services including product eligibility and pricing (PPE), secondary marketing, consumer engagement, data and analytics, and compliance services. Based in Plano, Texas, Optimal Blue has developed an enterprise class suite of products and services designed to automate a lender’s complex processes, improving efficiency and profitability while gaining a competitive advantage. With a 99.999% accuracy rate, Optimal Blue technology connects hundreds of investors with more than 1,500 clients and currently helps process nearly 1 of every 4 mortgage loans originated nationally.