Ellie Mae and DocMagic Announce Settlement of Lawsuit
PLEASANTON, Calif. – October 10, 2012 – DocMagic, Inc. and Ellie Mae® (NYSE: ELLI), today announced that they have executed a settlement agreement to end the pending litigation between the companies. In a joint statement the companies commented, "This settlement ends the legal disputes and renews the former relationship between the two companies, with DocMagic agreeing to make its services available to lenders through the Ellie Mae Network™. This agreement will enable the companies to focus resources on innovation and on enhancing the experience available to our mutual customers." As a part of the settlement, each company will drop all pending litigation consolidated in U.S. District Court for the District of Northern California.
DocMagic, Inc. is a leading provider of software, processes and web-based systems that allow mortgage lenders to produce and deliver the documents used to process and fund loans. It was founded in 1988 and is based in Torrance, California. For more information on DocMagic, visit www.docmagic.com or call 800.649.1362.
About Ellie Mae
Ellie Mae, Inc. is a leading provider of on-demand automation solutions for the mortgage industry. The Company offers an end-to-end solution, delivered using a Software-as-a-Service model that serves as the core operating system for mortgage originators and spans customer relationship management, loan origination and business management. The Company also hosts the Ellie Mae Network™ that allows Encompass® users to electronically conduct business transactions with the lenders and settlement service providers they work with to process and fund loans. The Company's offerings include the Encompass, Encompass360® and DataTrac® mortgage management software systems.
Ellie Mae was founded in 1997 and is based in Pleasanton, California. To learn more about Ellie Mae, visit www.EllieMae.com or call 877.355.4362.
© 2012 Ellie Mae, Inc. Ellie Mae®, Encompass®, Encompass360®, DataTrac®, Ellie Mae Network™ and the Ellie Mae logo are registered trademarks or trademarks of Ellie Mae, Inc. or its subsidiaries. All rights reserved. Other company and product names may be trademarks or copyrights of their respective owners.
Campbell Lewis Communications