The company acquires multi-state mortgage lender LYC Mortgage
Xalles Holdings has announced that it has entered an agreement to acquire LYC Mortgage.
Under the agreement, Xalles Financial Services – a wholly-owned subsidiary of Xalles Holdings – will add LYC Mortgage as a subsidiary. The mortgage firm aims to expand its offerings through Xalles’ technology products and services.
In addition, Xalles said it would use some of its fundraising to further LYC Mortgage’s growth in terms of acquisitions and new technology. The companies said they aim to close the deal by Aug. 31.
“We are excited to be adding the professional LYC management team to the growing Xalles team,” Xalles Holdings Chief Executive Officer Thomas Nash said. “Through Xalles Financial Services, we have a unique opportunity to bring innovative loan and mortgage solutions to consumers through the new LYC Mortgage subsidiary. Our other family of companies in the consumer commerce and payments areas will open up new business development and referral channels for LYC Mortgage.”
“We are pleased to be completing this transaction and see the obvious synergies between LYC’s plans and the various ways in which Xalles can assist our business,” said Richard Lee, managing member of LYC Mortgage. “We look forward to enhancing our strong systems infrastructure through some of Xalles’ Blockchain applications and we know that the public company fundraising initiatives underway will enable LYC Mortgage to expand rapidly throughout the next year.”
