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.