Ellie Mae, a cloud-based mortgage origination company, agreed to acquire Velocify, a sales acceleration platform for $128 million in cash.

The acquisition, which was announced yesterday, is expected to close in the fourth quarter of the year.

Ellie Mae will combine Velocify’s management team with its Encompass CRM division, based on the announcement.

According to announcement, Velocify’s integration with the CRM division will help Ellie Mae achieve the following:

Together, the robust solution will meet the needs of today’s lenders by delivering a complete digital lead capture and conversion solution for creating interest, turning that interest into an application and then funding that loan quickly and at a low cost. Velocify’s lead management solutions help sales teams keep pace with the speed of opportunity by driving rapid lead response, improving productivity and offering actionable selling insights. The company helps sales teams sell more by streamlining and optimizing the sales process from start to finish by enabling teams to accelerate lead engagement, and implement effective workflows, ultimately helping lenders find and convert more leads, faster.

On Friday, Ellie Mae, which trades on the New York Stock Exchange under symbol ELLI, has a market capitalization of $2.85 billion.

Read more at Ellie Mae and HousingWire.