Quicken Loans sells off CRM software to Black Knight

Black Knight will develop the software to include more personalized data

Quicken Loans sells off CRM software to Black Knight

Black Knight has acquired the source code for Quicken Loans’ mortgage-servicing customer relationship management software, Cyclops.

The Cyclops software offers a suite of tools that Quicken Loans utilizes to engage with mortgage consumers. Black Knight will develop the software suite to make a highly advanced customer service technology, which will include personalized information about loans, homes, and neighborhoods.

"After decades of disruption, this acquisition is further proof of our technology team's power and innovation," Quicken Loans CEO Jay Farner said. "Our focus is always on our clients and how we can make their experience easier and more transparent. Our success comes from groundbreaking technology and the streamlined processes it can provide. We are looking forward to Cyclops benefiting even more consumers with the industry-leading client service the tool can facilitate."

The companies said that Cyclops would “give professionals the ability to provide an omni-channel customer experience, whenever and however the customer wants to interact with their server.”

Additionally, Quicken Loans will be extending its contract for Black Knight’s MSP servicing system and will be among the clients first in line to use Black Knight’s customer service platform. The firms did not disclose the financial terms of the transaction.

"Black Knight continues to innovate with urgency. We are committed to developing best-in-class solutions and, when appropriate, acquiring proven technologies to accelerate our time to market for our clients," said Black Knight CEO Anthony Jabbour. "We share a common vision with Quicken Loans for the future of customer service, and by building upon its proven platform, we are able to accelerate the delivery of this powerful solution. Quicken Loans has been a long-time client, and we are excited to broaden our relationship with them."