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Black Knight To Acquire Top of Mind Networks For $250M Cash

·1 min read
  • Black Knight Inc (NYSE: BKI) agreed to acquire Surefire developer Top of Mind Networks for $250 million in cash.

  • Surefire is a customer relationship management (CRM) and marketing automation system for the mortgage industry.

  • Primus Capital held a majority stake in Top of Mind with a significant minority stake by the founders.

  • Top of Mind is estimated to contribute $13 million in synergistic revenue to Black Knight's Origination Software business in the second half of 2021.

  • Black Knight CEO Anthony Jabbour estimated the arrangement to help the lender clients of all sizes to close more loans and create lifelong customers.

  • Black Knight held $44.9 million in cash and equivalents as of Mar. 31, 2021. It had a debt of $2.26 billion and an available capacity of $883.0 million on a revolving credit facility.

  • Price action: BKI shares closed higher by 2.39% at $73.76 on Thursday.

  • Related content: Benzinga's Full Merger and Acquisition (M&A) Calendar

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