Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Ellie Mae, Inc. New York, May 27, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Ellie Mae, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.

Moody's Investors Service ("Moody's") affirmed Ellie Mae, Inc.'s ("Ellie Mae") B3 corporate family rating ("CFR"), B3-PD probability of default rating ("PDR"), and the B2 ratings on the company's existing first lien term loan and revolver. The affirmation follows Ellie Mae's announcement of the proposed debt financed acquisition of a principally SaaS-based provider of data extraction and workflow management solutions for mortgage lenders and borrowers. Ellie Mae's B3 CFR is constrained by the company's high LTM debt leverage of nearly 9x (Moody's adjusted for operating leases) as well as its somewhat limited scale and highly concentrated vertical market focus as a provider of software solutions for residential mortgage oriented applications to banks, credit unions, mortgage lenders, and other financial services providers.

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