Data, analytics and technology firm CoreLogic sold off its 12.3% stake in loan origination system vendor Ellie Mae, according to Securities and Exchange Commission disclosures.
At the time of
The relationship between Ellie Mae and CoreLogic dates back to 2000,
For Ellie Mae, the deal—which occurred in an arranged “block sale,” as opposed to on the open market—dilutes the amount of influence a single shareholder can exert on the company and removes an industry player from its ownership ranks. For CoreLogic, the sale helped free up cash for the company, though the deal is a minor blimp compared to its own market capitalization of $1.64 billion.
According to an SEC disclosure filed in February, CoreLogic sold its shares in November and December and as of Dec. 31, no longer held a stake in the company. A second SEC disclosure reports that CoreLogic sold 1.15 million shares of Ellie Mae stock on November 10 and 11 for $5.25 per share, or $6.04 million—a trade that came about a month after the end of the lock-up period that prevents pre-IPO stockholders from trading shares during the first 180 days of a company going public.
Since reporting in March that it
“CoreLogic was a good long term-investor and continues to be a good partner on our platform,” said Jonathan Corr, Ellie Mae’s chief operating officer.
A CoreLogic spokesperson declined to comment.
Ellie Mae wasn’t CoreLogic’s only LOS investment. It held a 38% stake in LOS vendor Dorado,
The decision to sell off its stake in Ellie Mae comes at a turbulent time for CoreLogic. In August, CoreLogic said it hired an advisory firm to