Case Studies
ellie mae.
board governance
capital allocation strategy
global best practices
investor relations
m & a strategy
minority interest
private to public transition
supportive long-term shareholder


Ellie Mae is a leading provider of loan origination software to US residential mortgage lenders. When TDM first invested, Ellie Mae had a market capitalisation of approximately $600m and revenue of approximately $130m. Today the business has a market capitalisation of US$3.5bn and revenue over $480m.

At the time of TDM’s investment, Ellie Mae was out of fashion with investors as approximately 30% of its revenue base was linked to residential mortgage volumes, which were under significant pressure . This had created a short-term growth headwind.


Aligned Values

We saw a great leadership team that had a significant personal investment and a long term perspective on growing the business.

Like most of our investments, the deeper we dived on the business, the more we realised how misunderstood the business was by the market. Ellie Mae have developed a unique culture, a dominant market position and had a large growth runway over the long term.



TDM initially invested in May 2013 as a supportive long-term shareholder with an ownership of up to 4% of the company.

We have frequent and open communication with their management team with regards to issues such as capital management strategy (specifically in relation to their share repurchase program), as well as advice on their investor relations approach.



Since TDM’s investment, the share price has increased over 4x on the back of strong revenue growth and the market increasingly understanding the strength of the business model.


Elliemae 2

‘’We have had regular interactions with TDM since our first meeting and continue to be impressed by their due diligence process and constructive feedback.’’
Jonathan Corr
baby bunting.
logmein inc.
TDM is currently not open to new clients