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Emergis Deal Strengthens Fiserv's E-Mortgage Plans.
Brookfield, WI -- Fiserv Inc. here has entered into a definitive agreement to acquire the assets of the e-lending U.S. operations of Emergis Inc., Montreal. Emergis disclosed on its website that the purchase price is $13.75 million in cash.
Specifically, the e-lending Emergis operation, headquartered in McLean, Va., enables mortgage lenders to obtain third-party services needed to process, close and fund mortgage loans via the Internet. In addition, it provides the capability to manage, electronically sign and store mortgage documents in a secure electronic environment.
The e-lending U.S. Emergis technology includes the Vendor Services Exchange component on which Fiserv's Electronic Partner Connection operates as a private-label system. The Electronic Partner Connection is an electronic network that provides lenders with a single online point of entry for the order and delivery of any mortgage-related products or services.
The transaction is expected to close in May, subject to certain closing conditions, according to Emergis. As part of the transaction stipulations, Emergis will receive $12 million in cash at closing and the balance of the sale price after a transition period of up to six months.
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