LION Inc. has entered into an asset purchase agreement with Beanstalk Networks Acquisition LLC, a unit of Beanstalk Networks (doing business as OpenClose), the company says.
Under the terms of the agreement, OpenClose will purchase and continue to operate LION's only remaining business segment, which includes the business related to its Precision family of products and its retail Web sites business, for $525,000 in cash. OpenClose will assume all current LION customer agreements. The transaction is subject to shareholder approval and regulatory consent.
LION's Precision LPX suite of products consists of a loan pricing engine, a database of industry leading lenders' loan programs and pricing information, Web-enabled tools and other transactional services designed to enable large lenders to originate, price, and lock loans.
‘We are very pleased with this transaction with OpenClose,’ states David Stedman, president of LION. ‘The transaction provides continuity and an expanded product offering for our valued customers, as well as additional cash for our shareholders following our sale in 2007 of both Mortgage 101 and Tuttle Risk Management Services. In addition, OpenClose will retain a majority of our employees, who are looking forward to continuing their work on LION's well-regarded mortgage software solutions.’
SOURCE: LION Inc.