The Baltimore financial technology company eOriginal is set to be acquired by information services giant Wolters Kluwer for about $280 million, the companies announced Thursday.
eOriginal, headquartered in the Transamerica Tower at 250 W. Pratt St., provides cloud-based lending software, helping maintain key documents electronically and securing their authenticity.
Wolters Kluwer, a Netherlands-based company that reported about $5.6 billion in revenue in 2019, has partnered with eOriginal since 2016, integrating the Baltimore firm’s software with its compliance system, according to the release. The acquisition is expected to be completed by the end of the calendar year, the companies said.
“Our solutions are 100% complementary and together form the most complete end-to-end digital loan platform available,” said Brian Madocks, CEO of eOriginal.
eOriginal has about 100 employees, according to the release, all of whom will be retained through the acquisition, Madocks said.
Stephen Bisbee, president of eOriginal, founded the company in Baltimore in 1996 with a goal of digitizing the loan industry, Madocks said. In the past several years, the lending process has become increasingly digitized, Madocks said.
The COVID-19 pandemic has only accelerated that trend, he said.
“The last thing you want to do is be in the same room passing paper back and forth with pens,” Madocks said. “Digital allows for social distancing where you can close on a remote and contactless basis.”
eOriginal has more than 650 customers nationwide, from banks and mortgage lenders to auto and equipment finance lenders, according to the release. Wolters Kluwer says its portfolio of customers includes 93% of Fortune 500 companies.
“Borrower preferences, competition among lenders, and changing regulations are driving increased digitization of the lending workflow. eOriginal is well-positioned to take advantage of these systemic trends,” said Steven Meirink, Wolters Kluwer executive vice president and general manager of compliance solutions, in the release. “The acquisition positions us as the leading provider of digital lending solutions, spanning all workflows from loan approval, to document preparation and closing, with compliance certainty.”