Intercontinental Exchange Completes Acquisition of Simplifile LC
June 12 2019 - 8:30AM
Business Wire
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator
of global exchanges and clearing houses and provider of data and
listings services, today announced it has completed its acquisition
of Simplifile, LC. On May 1, 2019 ICE announced that it would
acquire Simplifile for $335 million. The acquisition will not be
material to ICE’s 2019 earnings or have an impact on capital return
plans.
“The U.S. residential mortgage market is evolving from
paper-based transactions to digital solutions,” said Chris McEntee,
President of ICE Mortgage Services. “Simplifile’s connectivity to
nearly 2,000 public recording entities, representing over 80
percent of the U.S. population, is a key part of the infrastructure
needed to further drive digital transformation in the mortgage
market. The Simplifile team brings tremendous industry expertise to
ICE and we will work together to help those involved in the
mortgage value chain - including borrowers, originators, investors
and servicers - benefit from more transparency and efficiency in
what’s been a very analog system,” McEntee added.
Simplifile was founded in 2000 and operates the largest network
connecting the agents and jurisdictions that underpin residential
mortgage records. The company serves as an electronic liaison
between lenders, settlement agents and county recording offices,
streamlining the public recording of residential mortgage
transactions. Simplifile will become part of ICE Mortgage Services,
whose mission is to make mortgage production easier and more
transparent for all industry stakeholders.
“ICE’s track record of bringing innovation and efficiency to
markets will be a valuable asset as we continue to work with
recorders, title and settlement agents, and lenders to build a
slate of products that make it simpler to record mortgage
documents,” said Paul Clifford, Founder and President of
Simplifile.
Simplifile has built a network in 1,941 counties in the United
States. Its eRecording product allows customers to electronically
record deeds, mortgages, liens, releases and other documents
online, over the nation’s largest network.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company
formed in the year 2000 to modernize markets. ICE serves customers
by operating the exchanges, clearing houses and information
services they rely upon to invest, trade and manage risk across
global financial and commodity markets. A leader in market data,
ICE Data Services serves the information and connectivity needs
across virtually all asset classes. As the parent company of the
New York Stock Exchange, the company is the premier venue for
raising capital in the world, driving economic growth and
transforming markets.
Trademarks of ICE and/or its affiliates include Intercontinental
Exchange, ICE, ICE block design, NYSE and New York Stock Exchange.
Information regarding additional trademarks and intellectual
property rights of Intercontinental Exchange, Inc. and/or its
affiliates is located at
http://www.intercontinentalexchange.com/terms-of-use. Key
Information Documents for certain products covered by the EU
Packaged Retail and Insurance-based Investment Products Regulation
can be accessed on the relevant exchange website under the heading
“Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995 -- Statements in this press release regarding
ICE's business that are not historical facts are "forward-looking
statements" that involve risks and uncertainties. For a discussion
of additional risks and uncertainties, which could cause actual
results to differ from those contained in the forward-looking
statements, see ICE's Securities and Exchange Commission (SEC)
filings, including, but not limited to, the risk factors in ICE's
Annual Report on Form 10-K for the year ended December 31, 2018, as
filed with the SEC on February 7, 2019.
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version on businesswire.com: https://www.businesswire.com/news/home/20190612005503/en/
ICE Media Contact:Damon
LeavellDamon.Leavell@theice.com212-323-8587
ICE Investor Contact:Warren
GardinerWarren.Gardiner@theice.com770-835-0114
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