Velocify Acquired By Ellie Mae For $128M

Los Angeles-based Velocify, the developer of sales lead management software, has been acquired by Ellie Mae, in a deal worth $128M in cash, Ellie Mae said last week. Ellie Mae said the buy will help its lenders originate more loans, reduce costs, and complete the entire mortgage process faster. Velocity's software is used for sales lead management. Velocify was led by President and CEO Nick Hedges, who took over as President and CEO at the firm in 2010; Velocify started life as Leads360, the onetime winner of the Tech Coast Angel's Fast Pitch competition back in 2007.