10/16/2021 | Press release | Distributed by Public on 10/15/2021 22:24
LEHI, Utah - SimpleNexus, developer of the leading homeownership platform for loan officers, borrowers, real estate agents and settlement agents, announced its acquisition of Macon, Georgia-based software firm LBA Ware™. The strategic transaction, SimpleNexus' first, brings together 325 employees in 29 states to serve 425 distinct lender customers and dozens of mortgage technology integration partners.Lori Brewer is founder of LBA Ware.
LBA Ware, founded by Lori Brewer, is a company in the Advanced Technology Development Center's financial technology portfolio. Terms of the acquisition were not disclosed.
"Bringing LBA Ware into the SimpleNexus homeownership platform gives mortgage lenders an unprecedented array of competitive advantages across borrower engagement, loan origination and closing as well as operations and business intelligence," said SimpleNexus CEO Cathleen Schreiner Gates. "This is an exciting moment for SimpleNexus. We welcome our new colleagues, who share our passion for helping lenders excel in their markets."
Brewer will join SimpleNexus as EVP and general manager. Brewer founded LBA Ware in 2008 and shepherded the bootstrapped company through thirteen years of product innovation and organic revenue growth. Initially a developer of custom software solutions for banks and mortgage lenders, LBA Ware soon made a name for itself as the creator of CompenSafe™, the mortgage industry's original and most prevalent incentive compensation management software. In 2019, LBA Ware diversified its product offerings with the introduction of LimeGear™, a turnkey mortgage business intelligence platform.
"Together, LBA Ware and SimpleNexus will be able to offer mortgage lenders even more than the sum of our parts and redefine not only the digital mortgage experience, but also the mortgage business intelligence category," Brewer said. "As consistent forces for innovation in the mortgage space, our firms have remarkably compatible cultures and complementary products. We look forward to a bright future as a unified team."
SimpleNexus and LBA Ware have more in common than their compatible cultures. Both companies have become perennial members of the Inc. 5000 list of America's fastest-growing private companies, and each has earned a loyal customer following exemplified by an average Net Promoter Score® that far surpasses benchmarks for the financial services and B2B software sectors. SimpleNexus and LBA Ware are both longtime members of Mortgage Bankers Association (MBA), The Mortgage Collaborative (TMC) and the American Credit Union Mortgage Association (ACUMA), among other industry associations.
"As a company that values our partnerships with SimpleNexus and LBA Ware, we recognize this as an exciting moment for both firms and an opportunity for two market-leading teams to come together to push the boundaries of innovation on behalf of mortgage bankers," said Randy Allen, chief information officer of national lender Fairway Independent Mortgage Corporation.
The deal is expected to close by October 19, 2021.
Founded in 2011, SimpleNexus is an award-winning developer of mobile-first technology for the modern mortgage lender. Lenders depend on our namesake homeownership platform to unite the people, systems and stages of the mortgage process into a seamless, end-to-end solution that spans engagement, origination, closing and business intelligence. By helping lenders manage their teams and stay connected with borrowers and real estate partners, we deliver a measurable return on investment in the form of reduced turn times, increased loan application submissions and more referral business. A four-time Inc. 5000 company, SimpleNexus has been recognized as one of the world's Best Workplaces for Innovators. For more information, visit https://www.simplenexus.com or follow @SimpleNexus.