Ellie Mae: The $3.7B Take-Private That Became an $11B Exit

In this episode of Thoma Bravo’s Behind the Deal, Managing Partner Holden Spaht and Partner Brian Jaffee revisit the take-private and sale of Ellie Mae — a leading U.S. mortgage loan origination system — and how a $3.7B investment became an $11B exit to Intercontinental Exchange (ICE) just over a year later.
 They break down the original investment thesis, the operational playbook, pricing and packaging strategy, and the M&A decisions that drove one of the firm’s landmark exits — including the rare “reverse re-trade” that moved the final agreement from $10B to $11B.
 For more information on Thoma Bravo’s Behind the Deal, visit https://www.thomabravo.com/behindthedeal
 Learn more about Thoma Bravo: https://www.thomabravo.com/
 Learn more about Ellie Mae (now ICE Mortgage Technology): https://mortgagetech.ice.com/

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