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Mortgage Connect, Lp Completes Its Acquisition Of Adfitech, Inc., And Is Positioned To Deliver Comprehensive "Life-Of-Loan" Services And Solutions

Apr 08, 2022•over 3 years ago

Acquiring Company

Mortgage Connect

Acquired Company

ADFITECH

Real EstateOther

Description

Mortgage Connect, LP ("Mortgage Connect"), a national mortgage service provider, announced today that it has successfully completed the previously announced acquisition of ADFITECH, Inc. (OTC: ADFT) ("ADFITECH") in an all-cash merger transaction valued at approximately $29 million. As a result of the transaction, holders of ADFITECH's common stock are entitled to receive $3.717451 per share in cash with the aggregate amount rounded to the nearest whole cent. ADFITECH is a leading provider of mortgage services in North America.

Company Information

Company

Mortgage Connect

About

Mortgage Connect is a Pittsburgh, PA headquartered national mortgage service provider, serving the Origination, Default, Valuation, Critical Communications, and Capital Markets sectors. With additional offices in New York, Texas, California, Colorado, Nevada and Alabama, the company offers customizable solutions to the nation's lenders and servicers, including 9 of the top 10 and 17 of the top 20. Through its serve-first culture, Mortgage Connect and its subsidiaries are committed to an unwavering level of communication, education and customer service on each transaction and strive to leave an overwhelmingly positive and lasting impression with the consumer, loan officer and the client. For more information, visit www.mortgageconnectlp.com.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed

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