|By Business Wire||
|August 1, 2013 09:05 AM EDT||
Accenture (NYSE: ACN) has completed its acquisition of Mortgage Cadence, a provider of loan origination software and electronic document management services in the United States. The acquisition adds an advanced technology platform to strengthen Accenture’s mortgage business process outsourcing services and enables the company to offer software to mortgage lenders looking to increase efficiencies and reduce costs.
Through the acquisition, Mortgage Cadence software will serve as the core loan-origination platform for Accenture Credit Services, a business service within Accenture’s financial services operating group that provides consulting, technology and outsourcing services to financial institutions. The platform will enable Accenture to more efficiently process mortgages on behalf of outsourcing clients. Accenture announced its agreement to acquire Mortgage Cadence from its founders and Monitor Clipper Partners, a Boston-based private equity firm, on July 15, 2013.
“As the focus of mortgage lending shifts away from refinancing activity to the more complex business of home-purchase lending, the need for better technology and streamlined processes is more obvious than ever to U.S. lenders,” said Terry Moore, global managing director of Accenture Credit Services. “By using Mortgage Cadence technology to power our mortgage processing services, we can offer our clients increased processing speed, efficiency, and flexibility to reduce overall costs and improve service.”
With the acquisition, Mortgage Cadence’s approximately 190 U.S. employees -- and its full portfolio of on-premise, software-as-a-service (SaaS) and cloud-based solutions that support mortgage origination, processing, underwriting, closing, post-closing, document management and imaging -- have become part of Accenture Software. Accenture Software will provide the software to lenders on a standalone basis as part of its banking-software portfolio.
“Many U.S. lenders today rely on outdated systems to process mortgages, which creates a significant disadvantage in terms of speed, quality and compliance,” said Jim Astorian, managing director, Accenture Software. “The addition of this technology to our financial services software-portfolio – with its proven record of reducing costs and improving service-quality -- reflects Accenture’s longstanding focus on providing market leading solutions for the industry sectors we serve.”
Michael Detwiler, former CEO of Mortgage Cadence and a newly appointed managing director in Accenture Credit Services, said: “Mortgage Cadence technology innovations will gain new momentum as part of Accenture. That creates an opportunity to do more to help streamline and improve mortgage processing in the U.S.”
Accenture significantly expanded its mortgage industry capabilities in 2011 with the launch of Accenture Credit Services and its acquisition of a leading provider of residential and commercial mortgage processing services in the U.S., formerly known as Zenta.
Accenture is a global management consulting, technology services and outsourcing company, with approximately 266,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$27.9 billion for the fiscal year ended Aug. 31, 2012. Its home page is www.accenture.com.
Accenture Credit Services supports institutions in the residential mortgage, commercial real estate, leasing and automotive finance industries. It is a leading provider of mortgage processing services in the U.S. and serves more than 100 major lending institutions worldwide. Accenture Software combines technology acumen with industry knowledge to develop differentiated software products. It offers innovative software-based solutions to enable organizations to meet their business goals and achieve high performance.
About Mortgage Cadence
Mortgage Cadence LLC provides Enterprise Lending Solutions (ELS), which employ an extensive financial services data model wrapped with a native rules engine to deliver data-driven workflow automation tools to mortgage banks, lenders, credit unions, service providers and servicers. Mortgage Cadence has developed enterprise solutions that integrate all functions and data elements required to optimize, manage and score lending performance. The mortgage industry is always shifting to meet demands and minimize risks. Mortgage Cadence's flexible solutions continue to evolve to meet those needs. To learn more, please visit http://www.mortgagecadence.com.
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. These include, without limitation, risks that: Accenture will not be able to close the transaction in the time period anticipated, or at all, which is dependent on the parties’ ability to satisfy certain closing conditions; the transaction might not achieve the anticipated benefits for Accenture and Mortgage Cadence; Accenture’s and Mortgage Cadence’s results of operations could be adversely affected by volatile, negative or uncertain economic conditions and the effects of these conditions on Accenture’s and Mortgage Cadence’s clients’ businesses and levels of business activity; Accenture’s and Mortgage Cadence’s businesses depend on generating and maintaining ongoing, profitable client demand for Accenture’s and Mortgage Cadence’s services and solutions, and a significant reduction in such demand could materially affect Accenture’s or Mortgage Cadence’s results of operations; if Accenture or Mortgage Cadence is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, Accenture’s or Mortgage Cadence’s business, the utilization rate of Accenture’s or Mortgage Cadence’s professionals and Accenture’s or Mortgage Cadence’s results of operations may be materially adversely affected; the markets in which Accenture and Mortgage Cadence compete are highly competitive, and Accenture and Mortgage Cadence might not be able to compete effectively; Accenture or Mortgage Cadence could have liability or Accenture’s or Mortgage Cadence’s reputation could be damaged if Accenture or Mortgage Cadence fails to protect client and/or company data or information systems as obligated by law or contract or if Accenture’s or Mortgage Cadence’s information systems are breached; Accenture’s and Mortgage Cadence’s results of operations and ability to grow could be materially negatively affected if Accenture and Mortgage Cadence cannot adapt and expand their services and solutions in response to ongoing changes in technology and offerings by new entrants; as a result of Accenture’s geographically diverse operations and its growth strategy to continue geographic expansion, Accenture is more susceptible to certain risks; Accenture’s Global Delivery Network is increasingly concentrated in India and the Philippines, which may expose it to operational risks; Accenture’s and Mortgage Cadence’s results of operations could materially suffer if Accenture and Mortgage Cadence are not able to obtain sufficient pricing to enable them to meet their profitability expectations; if Accenture’s pricing estimates do not accurately anticipate the cost, risk and complexity of Accenture performing its work or third parties upon whom it relies do not meet their commitments, then Accenture’s contracts could have delivery inefficiencies and be unprofitable; Accenture’s work with government clients exposes Accenture to additional risks inherent in the government contracting environment; Accenture’s and Mortgage Cadence’s businesses could be materially adversely affected if Accenture or Mortgage Cadence incurs legal liability in connection with providing its services and solutions; Accenture’s and Mortgage Cadence’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; Accenture’s alliance relationships may not be successful or may change, which could adversely affect Accenture’s results of operations; outsourcing services and the continued expansion of Accenture’s other services and solutions into new areas subject Accenture to different operational risks than its consulting and systems integration services; Accenture’s and Mortgage Cadence’s services or solutions could infringe upon the intellectual property rights of others or Accenture and Mortgage Cadence might lose their ability to utilize the intellectual property of others; Accenture and Mortgage Cadence have only a limited ability to protect their intellectual property rights, which may be important to Accenture’s or Mortgage Cadence’s success; Accenture’s and Mortgage Cadence’s ability to attract and retain business and employees may depend on their reputations in the marketplace; Accenture might not be successful at identifying, acquiring or integrating businesses or entering into joint ventures; Accenture’s profitability could suffer if its cost-management strategies are unsuccessful, and Accenture may not be able to improve its profitability through improvements to cost-management to the degree it has done in the past; many of Accenture’s contracts include payments that link some of its fees to the attainment of performance or business targets and/or require Accenture to meet specific service levels, which could increase the variability of Accenture’s revenues and impact its margins; changes in Accenture’s or Mortgage Cadence’s level of taxes, and audits, investigations and tax proceedings, or changes in Accenture’s treatment as an Irish company, could have a material adverse effect on Accenture’s or Mortgage Cadence’s results of operations and financial condition; if Accenture is unable to manage the organizational challenges associated with its size, Accenture might be unable to achieve its business objectives; if Accenture or Mortgage Cadence is unable to collect its receivables or unbilled services, Accenture’s or Mortgage Cadence’s results of operations, financial condition and cash flows could be adversely affected; Accenture’s and Mortgage Cadence’s share price and results of operations could fluctuate and be difficult to predict; Accenture’s results of operations and Accenture’s share price could be adversely affected if Accenture or Mortgage Cadence is unable to maintain effective internal controls; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent annual report on Form 10-K and other documents filed with or furnished to the Securities and Exchange Commission by Accenture. Statements in this news release speak only as of the date they were made, and Accenture and Mortgage Cadence undertake no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s or Mortgage Cadence’s expectations.
"eFolder does a lot of different things but we protect data and we are focused on protecting data no matter where it resides," explained Carlo Tapia, Product Marketing Manager at eFolder, in this SYS-CON.tv interview at Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 1, 2015 04:00 PM EST
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Dec. 1, 2015 04:00 PM EST Reads: 502
Cloud computing is unquestionably one of the driving forces of DevOps, as the automation of operations transforms enterprise software development. DevOps, however, is more than a technology trend, as it represents a move toward silo-busting, self-organizing horizontal teams that drive business velocity. At the same time, enterprise Digital Transformation represents an upheaval across the enterprise, as customer preferences and behavior drive enterprise technology decisions. This transformation ...
Dec. 1, 2015 03:45 PM EST
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Dec. 1, 2015 03:00 PM EST Reads: 385
Most of the IoT Gateway scenarios involve collecting data from machines/processing and pushing data upstream to cloud for further analytics. The gateway hardware varies from Raspberry Pi to Industrial PCs. The document states the process of allowing deploying polyglot data pipelining software with the clear notion of supporting immutability. In his session at @ThingsExpo, Shashank Jain, a development architect for SAP Labs, discussed the objective, which is to automate the IoT deployment proces...
Dec. 1, 2015 03:00 PM EST Reads: 145
In demand-intensive mobile and web applications, an emerging pattern is to host the Systems of Engagement in the cloud (for maximum responsiveness) but keep the Systems of Record with the other important business systems in the company datacenter, often on a tightly secured mainframe. But what about the space in between? In this IBM Redpaper publication, we show that the IBM Bluemix cloud platform offers technologies that make it easy for cloud-based SoEs to securely connect to on-premises IBM...
Dec. 1, 2015 02:45 PM EST
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Dec. 1, 2015 02:45 PM EST Reads: 448
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Dec. 1, 2015 02:15 PM EST Reads: 451
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Dec. 1, 2015 02:00 PM EST Reads: 549
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
Dec. 1, 2015 01:45 PM EST Reads: 358
OpsHub, Inc. has announced enhanced support for DevOps and Migration for both Team Foundation Server and Visual Studio On-line in a heterogeneous environment. With added support for build and release entities in OpsHub Integration Manager (OIM) Microsoft customers can now leverage Visual Studio build and release services to manage DevOps processes in a heterogeneous environment. With the enhanced support customers can manage the DevOps process in Team Foundation Server while undertaking activit...
Dec. 1, 2015 01:42 PM EST
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Dec. 1, 2015 01:15 PM EST Reads: 309
SYS-CON Events announced today that Catchpoint, a global leader in monitoring, and testing the performance of online applications, has been named "Silver Sponsor" of DevOps Summit New York, which will take place on June 7-9, 2016 at the Javits Center in New York City. Catchpoint radically transforms the way businesses manage, monitor, and test the performance of online applications. Truly understand and improve user experience with clear visibility into complex, distributed online systems.Founde...
Dec. 1, 2015 12:15 PM EST
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Dec. 1, 2015 12:00 PM EST Reads: 311
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Dec. 1, 2015 12:00 PM EST Reads: 234