Black Knight, Inc. has entered into a definitive agreement to purchase Top of Mind Networks, Surefire developer. Surefire is a leading customer relationship management (CRM) and marketing automation system for the mortgage industry. The purchase price will be approximately $250 million in cash, according to Black Knight’s announcement.
“Through its Surefire marketing automation and CRM platform, Top of Mind has brought incredible value to the sales and marketing side of the mortgage industry by helping lenders gain powerful competitive advantages for their loan officers,” Black Knight CEO Anthony Jabbour said in a release. “Integrating Surefire’s capabilities within the wider Black Knight mortgage technology ecosystem will make it possible for lender clients of all sizes to close more loans and create customers for life.”
Top of Mind was previously majority owned by Primus Capital, with significant minority ownership by the company’s original founders. Black Knight is expecting to close the transaction in the third quarter of 2021, subject to customary closing conditions and regulatory review. It is expected the acquisition will contribute about $13 million in incremental revenue to Black Knight’s origination software business in the second half of 2021. This revenue will be subject to the transaction’s timing.
The acquisition will add artificial intelligence-driven marketing automation to Black Knight’s integrated mortgage technology ecosystem. Top of Mind’s Surefire platform helps thousands of mortgage professionals obtain new and repeat business. Initially, Black Knight will work on integrating Surefire with its Empower loan origination system and enhancing integrations with its Optimal Blue PPE (product, pricing and eligibility engine).
“Top of Mind and Black Knight are a great strategic fit because we both share a passion for delivering innovation, adding value and driving growth for our clients,” Top of Mind CEO Bill Hayes said. “Our team is looking forward to working with Black Knight to help lenders and servicers create customers for life by engaging their customers with timely communications and highly personalized touchpoints, while helping clients stay compliant in their marketing efforts.”
Trasimene Capital Management acted as the financial advisor to Black Knight during this transaction, and Smith Hulsey and Busey acted as legal advisor. Top of Mind’s financial advisor was Vaquero Capital, and its legal advisor was Goodwin Procter LLP.
“The acquisition of Top of Mind is a continuation of our strategy to deliver innovative solutions to our clients that will help them achieve their strategic priorities,” Jabbour said. “Our combined clients will be able to access additional market-leading offerings from a single, trusted provider, while we will be able to further expand Black Knight’s opportunities to cross-sell our solutions through Top of Mind’s broad reach among more than 850 commercial banks, mortgage banks, credit unions and mortgage brokerage companies.”