[Techtaffy Newsdesk]
Zillow has entered into a definitive agreement to acquire Mortech, a mortgage technology company that provides essential software tools to the mortgage industry. The deal is valued approximately $12 million in cash and 150,000 shares of restricted stock. The transaction is subject to satisfaction of customary closing conditions and is expected to close in the fourth quarter of 2012.
Founded in 1987, Mortech is based in Lincoln, Neb. and has 39 employees.