To further solidify its position in mortgage technology, IBM has announced an agreement to acquire New Jersey-based Palisades Technology Partners, a privately held provider of services and technology to the mortgage lending industry.The terms of the transaction were not disclosed. The acquisition is expected to be completed before the end of the year. PTP provides strategic consulting, systems integration, and a comprehensive Web-based multichannel lending platform. The firm's clients include five of the world's top 10 lenders. IBM said the acquisition leverages PTP's place as an established provider of mortgage lending solutions, its industry expertise, and its process know-how to enhance IBM's ability to provide "transformational solutions" for the finance and banking industries. Based on a service-oriented architecture, PTP's Impact Lending Suite operates on an open architecture that offers lenders the flexibility to embed their own business policies and existing technology within a standard processing platform, IBM said. The companies can be found online at http://www.ibm.com and http://www.ptpusa.com.
