Optimal Blue has been acquired by GTCR, a private equity firm. It was also announced that Founders and co-CEO’s, Larry Huff and Ivan Darius, will be transitioning leadership of Optimal Blue to Scott Happ, Founder and former CEO of Mortgagebot. Happ will join Optimal Blue as Chief Executive Officer at close. Sue Baker, a former Senior Vice President at Mortgagebot, will join Happ as Vice President of Product. The management team will stay in place.
GTCR will work with Happ, Baker and Optimal Blue’s management team to expand the Company’s strong network offerings and further invest in its technology. The transaction is expected to close in the next four weeks. Huff and Darius will remain involved with Optimal Blue as consultants and ensure a seamless transition to Happ.
GTCR has committed up to $350 million of equity capital to the investment, to pursue growth initiatives at Optimal Blue, as well as complementary acquisitions to provide information and other digital services to the mortgage marketplace.
“I’ve had the great fortune to work with and serve the best customers, employees and partners one could imagine,” said Larry Huff, Co-Founder and Co-CEO. “I also would like to recognize the great partners we have at Serent Capital. Kevin Frick, Lance Fenton, and the others have been incredibly supportive partners and invaluable to the success at Optimal Blue. It has been an incredibly rewarding experience, and I look forward to my continued involvement.”
“Adding industry veterans Scott and Sue and the GTCR resources will turbo-charge the performance of the incredibly talented team assembled at Optimal Blue,” added Ivan Darius, Co-Founder and Co-CEO.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.