Spectrum Buys Majority Stake in Mortgagebot

Spectrum Equity Investors has announced the completion of an $84 million recapitalization of Mortgagebot, Cedarburg, Wis., that will give Spectrum a majority stake in the mortgage technology company.The terms of the transaction were not disclosed. Michael Kennealy and Benjamin Spero of Spectrum will join Mortgagebot's board of directors as a result of the recapitalization. "Mortgagebot is a perfect fit for Spectrum, given our firm's focus on recapitalization of profitable software and information services companies with strong growth potential and recurring-revenue business models," said Mr. Kennealy, a Spectrum managing director. The companies can be found on the Web at http://www.spectrumequity.com and http://www.mortgagebot.com.