OpenClose Acquires LION

Beanstalk Networks Acquisition LLC, a unit of Beanstalk Networks (doing business as OpenClose), has acquired LION Inc. OpenClose said it will purchase and continue to operate LION's only remaining business segment -- which includes the business related to its Precision family of products and its retail websites business -- for $525,000 in cash. OpenClose will assume all current LION customer agreements. The transaction is subject to shareholder approval and regulatory consent. The deal is part of a strategic initiative to offer OpenClose clients something closer to an end-to-end solution, which now spans from the point of origination to closing as both technology offerings are combined. OpenClose's loan origination system will be integrated with LION's loan pricing engine and Web-enabled tools that offer transactional services designed to allow large lenders to originate, price, and lock loans. David Stedman, president of LION, said in a prepared statement that most LION employees will be retained. The companies can be found online at http://www.openclose.com and http://www.lioninc.com.