Two years after acquiring a majority interest in MERSCORP Holding, the Intercontinental Exchange, Inc. (ICE) announced it purchased the remainder of the company.
Price and terms of the transaction were not disclosed.
“As the U.S. mortgage finance industry transitions from a paper-based process to more digital mortgages and electronic notes, MERS is uniquely positioned to provide a seamless process that will bring greater efficiencies to consumers, lenders and institutional investors,” ICE Chairman and CEO Jeffrey C. Sprecher said in a press release announcing the purchase. “ICE has a well-established track record of transitioning traditional analog businesses to digital marketplaces, and MERS represents another important chapter in that record. We’re excited to work with MERS as it embarks on their next stage of development.”
Earlier in October, ICE said it successfully moved the MERS System infrastructure to the ICE Mahwah data center, an integral requirement for completing the final acquisition of the business.
“ICE’s global infrastructure and experience in making markets more transparent and efficient will enhance the access, scalability and effectiveness of MERS for its more than 5,000 member institutions,” MERSCORP Holdings CEO Bill Beckmann said. “This is a natural evolution for our business and will provide benefits for participants throughout the industry.”
ICE is also the owner of the New York Stock Exchange.