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.

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