ICE All Set to Acquire Black Knight, Deal Expected to Close in 2023
Intercontinental Exchange (ICE) has reached an agreement to acquire Black Knight, a data, software, and analytics company. Black Knight primarily offers its solutions to the housing finance continuum. These include mortgage servicing and real estate data along with other secondary markets.
It is a stock and cash transaction that has valued Black Knight at $85 per share at a market value of $13.1 billion. In addition, the deal will stamp ICE’s position in the market as one of the players that provide end-to-end electronic workflow solutions in evolving residential mortgage industry in the U.S. As things stand, the definitive agreement has been approved by the Boards of Directors of both firms unanimously.
SEE ALSO: SaaS Platform Netcore Cloud Invests $100 Million in Unbxd, Acquires Majority Stakes in the Company
Black Knight’s ecosystem
Black Knight is based in Florida and has a workforce of around 6,500 employees. It has been a driving force for innovation in the mortgage industry for quite some time now. It offers an integrated and comprehensive ecosystem of analytics, data, and software solutions primarily for the housing and real estate finance markets.
The company’s ecosystem adds tremendous value to customers of all sizes across the real estate and mortgage industry. It expands their business, lowers costs, and promotes efficiency while simultaneously minimizing risks.
How does this deal help ICE?
Black Knight’s tech solutions along with its strong workforce will make ICE a force to reckon with in the rapidly expanding mortgage tech industry. The partnership will improve the mortgage lending process for borrowers and lenders owing to automation and other efficiencies that minimize the cost of getting a mortgage.
Jeffery C. Sprecher, Founder, CEO, and Chair of ICE said that Black Knight has what it takes to utilize technology to serve households and customers. He further added that with ICE’s expertise in understanding the markets and operating networks along with what Black Knight will bring life to a rounded mortgage servicing and manufacturing ecosystem, benefitting current and aspiring property owners across the U.S.
Anthony M. Jabbour, CEO, and Chairman, of Black Knight, said that the company has been successful in transforming the mortgage industry by offering clients interconnected and robust solutions. These solutions promote greater efficiency and help them serve their customers in a much better way. He further added that the acquisition is the next logical step in their journey.
Both the companies share the same vision and commitment to offering an improved experience for the stakeholders and clients they serve and ultimately organizing the homeownership process.
At the moment, the deal is expected to complete in the first half of 2023 after receiving regulatory approval, stockholder approval, and other closing conditions.
SEE ALSO: MoxiWorks Completes Acquisition of Lead Nurturing Platform ActivePipe
Feature Image Source: Image by Tumisu, please consider ☕ Thank you! 🤗 from Pixabay
