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The privately held company, based in Englewood Cliffs, N.J., provides consulting services and technology to the mortgage lending industry.
Palisades’ flagship product is a lending platform that includes modules for loan origination, processing, underwriting and closing. It’s built on an open architecture so users can embed their own business policies and existing technology within the processing platform, IBM says. Palisades’ offerings target lenders’ retail, wholesale, call center and Web operations.
In addition to the software, Palisades brings industry expertise and process know-how to IBM through its consulting and systems integration lines of business. The acquisition will speed IBM's ability to deliver offerings that can reduce operational risk for finance and banking clients with complex lending processes, said Erich Clementi, general manager of managed business process services at IBM, in a statement.
IBM expects to close the transaction by yearend. Carmine Cacciavillani, Palisades’ president and founder, will continue to manage the Palisades business within IBM.
Palisades’ customers include Citi, Ditech.com, GMAC Mortgage and Wachovia Mortgage.
IBM has been quiet on the acquisition front following a particularly active summer. Over a four-week period in August, Big Blue announced plans to purchase FileNet, MRO Software, Internet Security Systems and Webify Solutions for a combined outlay of more than $3.6 billion.