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Last week, Ellie Mae ( ELLI - Snapshot Report ) received a contract from LeaderOne Financial, Overland Park, KS for its Encompass360 platform. After thoroughly evaluating a total of nine loan origination systems (LOS), the company finally chose the Encompass360 solution.
David Pearson, chief operating officer and executive vice president of operations for LeaderOne averred that other than the regular features, what provided an edge over other LOS platforms was the advanced controlling along with flexibility, adaptability and reporting ability features of the Encompass360. Apart from this, the Success-Based Pricing model of Ellie Mae ossified faith in the company even more.
Ellie Mae seems well positioned to secure a formidable position in the industry for the time being. On May 2, 2012, the company reported its first quarter financial results of 2012, whereby revenues jumped almost 97% annually to reach $20.9 million for the quarter. It is noteworthy that the number of Encompass users surged 15% year over year to reach a whopping 58,844 by the end of the first quarter. We can remain perspicacious of the company’s Encompass prospects with the current turn of events to behold yet another strong upcoming quarter of 2012.
With its current burgeoning growth trend, the company expects consolidated revenues of 2012 to be within $78 million and $79 million. This denotes a rise of around 40.5% - 42.3% compared to 2011 which is a credible increase for Ellie Mae.
However, it would be wise to be wary of the ominous rivals in the industry at all times. Big players in this regard include The Active Network, Inc. ( ACTV - Snapshot Report ) , Demandware, Inc. ( DWRE - Snapshot Report ) and ExactTarget, Inc. ( ET - Snapshot Report ) .
The company currently retains a Zacks #2 Rank, which translates into a short-term ‘Buy’ rating. We also maintain a long-term ‘Neutral’ recommendation on the stock.
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