Ellie Mae Posts $4M Profit in 4Q12

Ellie Mae posted net income of $4 million off revenue of $29.9 million for the fourth quarter of 2012, the mortgage technology developer announced Thursday.

The 4Q12 net income was up 120% from the fourth quarter of 2011 and revenue was up 60% year-over-year. The Pleasanton, Calif.-based origination software provider attributed the increase to a 17% increase in per-user revenue and a 37% increase in active users of its software-as-a-service-based loan origination system—a combination of new lenders using the platform and existing customers switching from legacy versions of Ellie Mae LOS technology.

Ellie Mae also named Jonathan Corr its new president and expanded his role to include day-to-day oversight of the company, a move that comes after being promoted to the position of chief operating officer 15 months ago. Corr, an 11-year veteran of Ellie Mae, will assume a role previously held by Ellie Mae co-founder Sig Anderman, who will retain his title of chairman and CEO. As president and COO, Corr, as well as Ellie Mae Chief Financial Officer Ed Luce, will continue to report to Anderman.

“Although I'm giving up one of my titles and operating responsibility, I intend to remain very much involved in growing our company as full-time CEO and chairman of the board,” Anderman said during a conference call with analysts Thursday.

For the full-year 2012, Ellie Mae posted net income of $19.5 million off revenue of $101.8 million, up from net income of $3.6 million and revenue of $55.5 million in 2011. On a conference call with analysts, Anderman said Ellie Mae added 9,000 new SaaS users during 4Q12, a combination of 3,000 new lender seats and 6,000 conversions using legacy Ellie Mae technology.