Black Knight Financial Services, a Fidelity National Financial company, is acquiring eLynx, a provider of document and data solutions for the mortgage industry, for an undisclosed sum.
The deal gives Black Knight additional capabilities in terms of being able to electronically capture and manage documents and associated data throughout the document lifecycle.
In a release, company officials say the acquisition positions Black Knight to electronically support the full mortgage origination process. eLynx solutions help automate paper-intensive processes, improve workflow, reduce costs and support compliance with industry regulations.
Specifically, Black Knight gains a flexible document delivery platform, which securely facilitates interchange between consumers, lenders, title providers and other transaction participants either electronically or via proprietary, integrated print and mail capabilities.
It also gains a private-labeled, mobile-friendly consumer portal to support process transparency, to collect and deliver documents throughout the loan lifecycle, and to schedule inspections and closings.
The firm also gains connectivity to an industry-leading network of settlement agents and support for what e-Lynx calls the “data-validated electronic mortgage,” including electronic document delivery (e-delivery), e-signature, e-closing and e-recording, as well as electronically registering and submitting the mortgage note to an electronic vault.
“This is an exciting step for Black Knight, as we announce our first acquisition as a publicly traded company,” says Bill Foley, executive chairman, in the release. “Over the last two-and-a-half years, we have successfully implemented our business plan to restructure the company and develop a strong cross-selling organization. It is now time to begin executing our acquisition strategy to accelerate our growth profile and fill out our product offerings.”
“Integrating the strengths of Black Knight and eLynx will give clients an even sharper competitive edge and will significantly expand Black Knight’s opportunities to cross-sell our comprehensive solutions,” adds Tom Sanzone, president and CEO of Black Knight. “We believe this combination will continue to drive process standardization and efficiency throughout the loan lifecycle and will positively impact industry initiatives focused on TRID, consumer advocacy and e-mortgage adoption.”
“We are excited to become part of Black Knight, a company well known for providing leading technology to the mortgage industry,” adds Sharon Matthews, CEO of eLynx. “I am confident eLynx and Black Knight clients will benefit from the combination of our powerful technologies and mutual commitment to delivering innovative solutions to the mortgage industry.”
The release does not state whether Black Knight will keep the eLynx brand alive. As of press time, the eLynx website appeared to have been taken down – perhaps only temporarily.