Welcome!

News Feed Item

Accenture Completes Acquisition of Mortgage Cadence

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“Many U.S. lenders today rely on outdated systems to process mortgages, which creates a significant disadvantage in terms of speed, quality and compliance,” said Jim Astorian, managing director,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.

About Accenture

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.

Forward-Looking Statements

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.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.