iStock illustration

Ellie Mae, the biggest provider of cloud-based technology to the mortgage industry, is being sold to the company which owns the New York Stock Exchange.

International Exchange and Ellie Mae announced the $11 billion combination stock and cash deal Thursday.

Ellie Mae is currently owned by private equity firm Thoma Bravo. The deal is expected to close in the third quarter or early fourth quarter of 2020 following regulatory approvals.

“Twenty years after we founded Intercontinental Exchange to provide a transparent trading platform for the energy industry, and following two decades of providing continued innovation to help customers navigate global markets, we are pleased to announce the acquisition of Ellie Mae, which will help us similarly transform the mortgage marketplace,” International Exchange Chairman and CEO Jeffrey C. Sprecher said in a statement. “Our planned acquisition represents a one-of-a-kind opportunity to add an extraordinary enterprise with great leadership to our family. It will also enhance ICE’s growth strategy in mortgage technology, with complementary products and a wide array of customers and stakeholders who will benefit from our core and proven expertise in operating networks and marketplaces.”

Through Ellie Mae’s Digital Lending Platform, thousands of lenders rely on the firm to sell mortgages on the secondary market. International Exchange said it plans to accelerate “additional digitization and streamlining of the mortgage manufacturing process.”