MeridianLink Acquires OpenClose

MERIDIANLINK ACQUIRES OPENCLOSE

Advisory Role: Krall & Co. Inc. advised MeridianLink, Inc. in connection with this transaction.

Announcement Date: November 7, 2022

Target: OpenClose (1999) is a provider of a SaaS-based residential mortgage lending software platform for banks, credit unions, and independent mortgage companies. The Company’s solutions include LenderAssist, a multi-channel (retail, wholesale, correspondent, and consumer direct) mortgage loan origination system (“LOS”); DecisionAssist, a loan product and pricing engine; ConsumerAssist, a borrower-facing point-of-sale solution that automates front-end workflow and increases lead generation; and OC Optics, a dashboard-level analytics and reporting tool.

Buyer: MeridianLink, Inc. (1998) is a leading provider of cloud-based software solutions for financial institutions, including banks, credit unions, mortgage lenders, specialty lending providers, and consumer reporting agencies. Headquartered in Costa Mesa, California, MeridianLink provides services to more than 1,900 customers, including a majority of the financial institutions on Forbes’ 2021 lists of America’s Best Credit Unions and Banks. MeridianLink acquired Teledata Communications, Inc. (“TCI”) (November 2020), a provider of a SaaS consumer LOS; TazWorks, LLC (December 2020), a provider of a background screening platform for CRAs; Saylent Technologies (April 2021), a provider of a data analytics and marketing solution that helps banks determine target audiences and design and implement marketing campaigns; and StreetShares, Inc., a provider of digital small business lending technology for banks and credit unions. Thoma Bravo acquired MeridianLink in June 2018. MeridianLink completed its initial public offering in July 2021, selling 10 million primary shares and 3.2 million secondary shares at $26 per share for gross proceeds of $343.2 million.

Deal Rationale: MeridianLink strengthens its position in the residential mortgage market and picks up complementary technologies and customer bases.

Terms: MeridianLink, Inc. has acquired OpenClose for $65 million in cash.

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