Mortgagebot Completes Private Equity Financing; Investment Will Support Additional Product Development Activities and Business Expansion

Apr 04, 2001, 01:00 ET from Mortgagebot

    MILWAUKEE, April 4 /PRNewswire/ -- Mortgagebot, the leading provider of
 web-enablement solutions for the online mortgage lending industry, announced
 today that it has completed a private equity financing.  The investment will
 support additional product development activities and infrastructure expansion
 designed to keep Mortgagebot's outsourcing solutions the most advanced in the
 industry.  Previously a division of the Marshall & Ilsley Corporation (M&I),
 Mortgagebot began operations as an independent entity effective April 1, 2001.
 New investors in Mortgagebot include GE Mortgage, Bank One Stonehenge Capital
 Fund Wisconsin LLC, Gordon Gunnlaugsson, and Mortgagebot's senior management
 team.  In addition, M&I has retained a significant ownership interest in the
 company.
     "We are delighted with the caliber of our new investors and with the
 continuing support of the Marshall & Ilsley Corporation," said Scott Happ,
 president and CEO of Mortgagebot.  He added, "Our solutions are gaining wide
 acceptance in the marketplace, and this transaction will strengthen our
 ability to introduce a broad base of clients to Mortgagebot's services."
     Jim Wigdale, chairman, Marshall & Ilsley Corporation, said, "M&I believes
 Mortgagebot will maximize its business potential by operating as an
 independent entity.  Mortgagebot management can now focus exclusively on
 expanding the outsourcing business, and the company will benefit from the
 support of M&I and its new investors.  In addition, GE Mortgage's strength and
 expertise makes them an ideal partner in this venture."
     As the leading technology provider in the industry, more than fifty
 institutions nationwide now use Mortgagebot's PowerSite(TM) and
 PowerCenter(TM) lending platforms to conduct mortgage business with their
 customers.  "The work Mortgagebot has done to create a solution that addresses
 the needs of community banks, regional financial institutions, as well as top
 national lenders is truly impressive," said Stuart Scott, Manager of
 E-Commerce Business Development at GE Mortgage.
     In connection with the financing, Mortgagebot also acquired Thin Air
 Software Corporation, a software development company located in Milwaukee,
 Wis.  Thin Air has provided Mortgagebot with application development and
 technical services for the past two years.
     Gordon Gunnlaugsson, retired executive vice president and chief financial
 officer for M&I, has been named chairman of Mortgagebot.  Scott Happ, founder
 of Mortgagebot and a seventeen-year veteran of M&I, will continue as
 Mortgagebot's President and CEO.
 
     About M&I
     Marshall & Ilsley Corporation (NYSE:   MI) is a diversified financial
 services corporation headquartered in Milwaukee, Wis. with $26.1 billion in
 assets.  Founded in 1847, M&I has the largest retail banking presence in
 Wisconsin with over 200 offices throughout the state.  In addition, M&I retail
 locations are located in Phoenix and Tucson, Ariz.; Las Vegas, Nev.; and
 Naples, Fla.  M&I also provides trust and investment management, equipment
 leasing, mortgage banking, financial planning, investments, insurance services
 and data processing from offices throughout the country and on the Internet
 ( http://www.mibank.com or http://www.micorp.com ).  M&I's customer-based
 approach, internal growth and strategic acquisitions have made M&I a
 nationally recognized leader in the financial services industry.
 
     About GE Mortgage
     GE Mortgage is a subsidiary of GE Capital, a global, diversified financial
 services company with assets of more than US $370 billion.  Grouped into six
 key operating segments comprised of 24 businesses, GE Capital provides a
 variety of consumer services, such as credit cards and life and auto
 insurance; mid-market financing; specialized financing; specialty insurance;
 equipment management, and specialized services, to businesses and individuals
 in 47 countries around the world.
     GE Capital, based in Stamford, Conn., is a wholly owned subsidiary of
 General Electric Company.  GE is a diversified manufacturing, technology and
 services company with operations worldwide.
 
     About Mortgagebot
     Mortgagebot ( http://www.mortgagebot.com and http://www.bot2b.com ) is the
 leading provider of Internet-based loan origination solutions for the mortgage
 lending industry.  A pioneer in the fast growing online mortgage-lending
 arena, Mortgagebot combines its mortgage banking experience with leading edge
 technology to create low risk, turnkey and comprehensive Internet solutions
 for mortgage lenders nationwide.  Mortgagebot offers its award-winning
 technology as an application service provider (Mortgagebot PowerSite(TM)) or
 as a full business process outsourcing partner (Mortgagebot PowerCenter(TM)).
 Mortgagebot's web-enablement solutions are completely private-labeled,
 allowing clients to fully leverage their brand and customer relationships.
 
 

SOURCE Mortgagebot
    MILWAUKEE, April 4 /PRNewswire/ -- Mortgagebot, the leading provider of
 web-enablement solutions for the online mortgage lending industry, announced
 today that it has completed a private equity financing.  The investment will
 support additional product development activities and infrastructure expansion
 designed to keep Mortgagebot's outsourcing solutions the most advanced in the
 industry.  Previously a division of the Marshall & Ilsley Corporation (M&I),
 Mortgagebot began operations as an independent entity effective April 1, 2001.
 New investors in Mortgagebot include GE Mortgage, Bank One Stonehenge Capital
 Fund Wisconsin LLC, Gordon Gunnlaugsson, and Mortgagebot's senior management
 team.  In addition, M&I has retained a significant ownership interest in the
 company.
     "We are delighted with the caliber of our new investors and with the
 continuing support of the Marshall & Ilsley Corporation," said Scott Happ,
 president and CEO of Mortgagebot.  He added, "Our solutions are gaining wide
 acceptance in the marketplace, and this transaction will strengthen our
 ability to introduce a broad base of clients to Mortgagebot's services."
     Jim Wigdale, chairman, Marshall & Ilsley Corporation, said, "M&I believes
 Mortgagebot will maximize its business potential by operating as an
 independent entity.  Mortgagebot management can now focus exclusively on
 expanding the outsourcing business, and the company will benefit from the
 support of M&I and its new investors.  In addition, GE Mortgage's strength and
 expertise makes them an ideal partner in this venture."
     As the leading technology provider in the industry, more than fifty
 institutions nationwide now use Mortgagebot's PowerSite(TM) and
 PowerCenter(TM) lending platforms to conduct mortgage business with their
 customers.  "The work Mortgagebot has done to create a solution that addresses
 the needs of community banks, regional financial institutions, as well as top
 national lenders is truly impressive," said Stuart Scott, Manager of
 E-Commerce Business Development at GE Mortgage.
     In connection with the financing, Mortgagebot also acquired Thin Air
 Software Corporation, a software development company located in Milwaukee,
 Wis.  Thin Air has provided Mortgagebot with application development and
 technical services for the past two years.
     Gordon Gunnlaugsson, retired executive vice president and chief financial
 officer for M&I, has been named chairman of Mortgagebot.  Scott Happ, founder
 of Mortgagebot and a seventeen-year veteran of M&I, will continue as
 Mortgagebot's President and CEO.
 
     About M&I
     Marshall & Ilsley Corporation (NYSE:   MI) is a diversified financial
 services corporation headquartered in Milwaukee, Wis. with $26.1 billion in
 assets.  Founded in 1847, M&I has the largest retail banking presence in
 Wisconsin with over 200 offices throughout the state.  In addition, M&I retail
 locations are located in Phoenix and Tucson, Ariz.; Las Vegas, Nev.; and
 Naples, Fla.  M&I also provides trust and investment management, equipment
 leasing, mortgage banking, financial planning, investments, insurance services
 and data processing from offices throughout the country and on the Internet
 ( http://www.mibank.com or http://www.micorp.com ).  M&I's customer-based
 approach, internal growth and strategic acquisitions have made M&I a
 nationally recognized leader in the financial services industry.
 
     About GE Mortgage
     GE Mortgage is a subsidiary of GE Capital, a global, diversified financial
 services company with assets of more than US $370 billion.  Grouped into six
 key operating segments comprised of 24 businesses, GE Capital provides a
 variety of consumer services, such as credit cards and life and auto
 insurance; mid-market financing; specialized financing; specialty insurance;
 equipment management, and specialized services, to businesses and individuals
 in 47 countries around the world.
     GE Capital, based in Stamford, Conn., is a wholly owned subsidiary of
 General Electric Company.  GE is a diversified manufacturing, technology and
 services company with operations worldwide.
 
     About Mortgagebot
     Mortgagebot ( http://www.mortgagebot.com and http://www.bot2b.com ) is the
 leading provider of Internet-based loan origination solutions for the mortgage
 lending industry.  A pioneer in the fast growing online mortgage-lending
 arena, Mortgagebot combines its mortgage banking experience with leading edge
 technology to create low risk, turnkey and comprehensive Internet solutions
 for mortgage lenders nationwide.  Mortgagebot offers its award-winning
 technology as an application service provider (Mortgagebot PowerSite(TM)) or
 as a full business process outsourcing partner (Mortgagebot PowerCenter(TM)).
 Mortgagebot's web-enablement solutions are completely private-labeled,
 allowing clients to fully leverage their brand and customer relationships.
 
 SOURCE  Mortgagebot