Oklahoma City, OK – Mercury Network, the premier valuation vendor management platform for the mortgage lending industry, was acquired by Serent Capital, a leading San Francisco-based private equity firm that invests in high growth, profitable businesses. Prior to the acquisition, Mercury Network was a subsidiary of a la mode, inc., a technology leader for the financial services industry.
Mercury Network’s SaaS platform is used by mortgage lenders and appraisal management companies to manage compliance and workflow for more than 20,000 appraisal transactions a day. A 375% customer growth trajectory over the past 4 years with a remarkable 93% retention rate, combined with a reputation for customer-focused innovation, positions Mercury Network as the leader in the space in terms of technology excellence and client service. The company’s solutions include: Mercury Network for appraisal vendor management; Enterprise Vendor Framework (EVF) for lender management of multiple AMCs; AQM for quality assurance and compliance; Mercury Mobile for efficient vendor communications; DataCourier for compliant appraisal receipt and delivery; and SureReceipts for compliant delivery of eDisclosures to borrowers.
To support the growing client base, Mercury has dramatically expanded their team of industry veterans strategically located in major financial centers across the U.S. “Our work so far, combined with our new partnership with Serent Capital, positions us to be the premier player in the vendor management and collateral risk market”, said Jennifer Miller, President of Mercury Network. “As we build upon our award-winning product design and strategic partnerships, we’ll continue to expand our set of SaaS solutions and provide even better compliance, reporting and business intelligence for our 600+ clients”.
Dave Biggers, founder and Chairman of a la mode, was equally enthusiastic about the transaction and the future for both companies. “We conceived, built, incubated, and eventually spun off Mercury Network entirely inside a la mode, with one clear purpose – to protect appraisers from the income-robbing effects of the HVCC and its aftermath, by providing lenders with a compelling alternative to the draconian and ultimately ineffective vendor management models in vogue at the time. We succeeded wildly in that effort, and the industry is better for it. As we now pass that torch to Mercury’s staff and to Serent, we’re confident they’ll continue to push Mercury even further. We’re very excited about their future, and of course ours as well, as we’re now able to deploy new resources and focus even more specifically on the appraiser’s side of the lending transaction.”
Serent Capital will further enhance the value Mercury Network delivers to the mortgage industry by bringing additional resources to support technology innovations for clients and partners. “Mercury Network’s success and impressive track record of growth is the result of the work of the team, which is among the finest we have met in the mortgage technology industry. We look forward to working with them to expand their services and help deliver unmatched value to customers”, stated Lance Fenton, Partner at Serent Capital.
About Serent Capital
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating those challenges through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its experience and capital to bear, Serent helps growing businesses thrive.
For more information on Serent Capital, visit www.serentcapital.com.
About Mercury Network
Mercury Network is a leading provider of appraisal vendor management and workflow software to institutional lenders. Mercury’s tools allow lenders and appraisal management companies to manage their vendor workflow process from a cloud-based platform in compliance with banking regulations and appraiser independence requirements. Mercury Network is used by over 600 of the nation’s largest lenders and appraisal management companies, as well as by numerous community banks, credit unions, and wholesale and correspondent lenders. More than 200,000 mortgage professionals have used Mercury Network technology since 2002 to power tens of millions of appraisals. Mercury’s strong product offering, proprietary network of appraisers, and dedication to providing superior client service has led Mercury to be one of the premier providers in the industry.
For more information on Mercury Network, visit www.MercuryVMP.com.
About a la mode
A mission-critical technology leader in the financial technology industry for more than 29 years, a la mode’s products are used by hundreds of thousands of professionals to power more than 50% of all US real estate transactions. In the real estate sales and financing industry, a la mode’s Pipeline ROI division (http://www.pipelineroi.com) hosts the only comprehensive inbound marketing platform, attracting and managing leads for tens of thousands of brokers, agents, and mortgage professionals. And in the appraisal market, a la mode’s flagship TOTAL software line (http://www.alamode.com) is the dominant production system, used by more appraisers than all other brands combined.
a la mode is headquartered in Naples, FL, with additional offices and more than 150 employees located in Oklahoma City, Salt Lake City, Atlanta, and Washington, DC. For more information about the company, visit www.alamode.com.