Fintechs Mortgage Coach and Sales Boomerang merge

Mortgage Coach and Sales Boomerang, two companies that help loan officers increase sales, have merged five months after both companies received an investment from LLR Partners.

LLR Partners, which invested $80 million in January in both companies, had a controlling stake in each firm at the time of the mergers. Specific terms of the deal, including respective valuations and contributions to revenue, are not being disclosed.

A new unified name for the combination has not yet been determined. Mortgage Coach, which educates borrowers about how their mortgage loan works, and Sales Boomerang, a business intelligence system that notifies lenders when a past customer or prospect is ready and credit-qualified for a loan, will continue to operate as distinct brands.

Richard Harris has joined both companies as CEO. From July 2018 through this April, he was the CEO of SparkPost, which provides email sending and optimization technology. He oversaw the April 2021 purchase of SparkPost by MessageBird.

"Sales Boomerang and Mortgage Coach are both impressive, mission-driven organizations that have earned tremendous brand equity in the mortgage realm through their expert grasp of the industry and proven ability to deliver substantive value to mortgage lenders and borrowers," Harris said in a press release. "I look forward to bringing the organizations together and leveraging my background in data, analytics and insights to help mortgage lenders better understand their borrowers and provide personalized service that helps them attain their homeownership and financial goals."

Before joining SparkPost, Harris was a group vice president at Oracle, where he led international operations of the company’s Data Cloud business unit. Previously, he was CEO of AddThis until it was acquired by Oracle in 2016.

"Sales Boomerang and Mortgage Coach are well positioned to support over 5,000 financial institutions and 350,000 licensed mortgage loan officers across the United States," said Sam Ryder, principal at LLR Partners, in a January press release when the respective investments were announced. "Our strategic investments will help both businesses to define the next generation of lending technology."

Dave Savage, the founder of Mortgage Coach, and Alex Kutsishin, Sales Boomerang's founder, "will continue to actively nurture the company and its relationships in leadership roles," the merger press release said.

Savage is now the chief innovation officer and Kutsishin is chief visionary officer at the combined companies.