Mortgagebot, a leading provider of Web-based mortgage application software and processes, has been purchased by Davis + Henderson, a Canadian Financial Software firm.
Mortgagebot says it has 1000 bank and credit union clients in the U.S.
"By acquiring Mortgagebot, D+H further advances our strategic diversification agenda, we extend the range of integrated solutions we offer within the financial services marketplace, and we add an important dimension to our capabilities in a core lending services area," said Bob Cronin, CEO of D+H.
"As a proven business with a track record of innovation and growth, Mortgagebot gives us a solid position with a large number of new customers within the US financial services marketplace. We are very pleased that Scott Happ, Mortgagebot's founder, president and CEO, and his team will be joining us to execute our shared growth plans."
The mortgage software provider had been owned by Spectrum Equity Investors for the past five years.
The firm said that the executive leadership team will remain in place and that clients should not see any procedural differences from the new ownership.
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