DLC to buy Marlborough Stirling

DLC to buy Marlborough Stirling

DLC to buy Marlborough Stirling The nation’s largest network has entered a letter of intent to acquire the mortgage software company.

Dominion Lending Centres is expected close the deal “on or about” December 15 for an aggregate purchase price of $5.5 million.

"We believe this transaction is a significant step forward for the DLC group of companies,” Gary Mauris, president of DLC, said.  It provides us an additional origination delivery platform and allows us to have material influence on user experience, data management, and will easily allow us to add additional revenue streams under a central platform."

Marlborough Stirling provides its tech services through three product line; Omiga, Optimus and the ubiquitous MorWEB.

“It is currently contemplated that the securities of MSC will be acquired by a new corporation ("Acquireco") which is 70% owned by DLC and 30% owned by a third-party,” DLC parent company Founder Advantage Capital said in a release. “Funding to complete the acquisition will be provided by DLC and the third-party partner proportionate to their shareholdings in Acquireco.”

Marlborough owns a small share of the country’s mortgage processing pie, with its competitor D+H currently the technology of choice for most brokers and lenders.

Rumours of a potential purchase of Marlborough by DLC were first reported in late November.
 
2 Comments
  • OkanaganBroker 2016-12-14 1:26:04 PM
    Morweb was such a superior product to Filogix when I first piloted it, but it simply couldn't break the Filogix hold with lenders...Maybe DLC will have the power to do so & then licence Morweb to others....though other networks will then be reluctant to use a competitors software program to submit deals...hmmm...Now who will buy Filogix?
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  • Broker 2016-12-14 2:08:36 PM
    I guess we will stop using Morweb. The last thing I want is to have my client database in the hands of the competition.
    Goodbye Morweb
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