MeridianLink acquires mortgage software solutions provider OpenClose
Cloud-based software solutions provider MeridianLink has acquired OpenClose, a fintech provider of residential mortgage software solutions, for an undisclosed sum.
MeridianLink buys OpenClose
The acquisition will allow MeridianLink Mortgage customers to access OpenClose’s solutions and provide digital lending experiences to their consumers while “reducing costs and time to close”. The acquisition will also support MeridianLink’s market expansion efforts.
OpenClose and MeridianLink Mortgage’s workflow-driven solutions offer digital loan origination systems, point-of-sale (POS), product and pricing engines, and business intelligence functions accessible from any browser or mobile device.
Founded in 1999, OpenClose claims its Software-as-a-Service (SaaS) platform has experienced “strong” year-on-year growth as financial institutions invest in mortgage technology.
Nicolaas Vlok, CEO of MeridianLink, says the combined strength of the two firms will enable their customers “to deliver fast, frictionless mortgage lending experiences, from application through closing”.
“This acquisition ensures that all customers can be confident that they have a comprehensive mortgage solution in whichever offering they choose and that we will continue to invest in both offerings as we evolve the products.”
Headquartered in California, MeridianLink provides cloud-based software solutions to banks, credit unions, mortgage lenders, specialty lending providers and consumer reporting agencies. It claims to serve more than 1,900 customers.
