Mortgage Cadence is a provider of technology solutions to mortgage lenders and servicers to which MCP was introduced in late 2009. The Company was owned by two partners: a founder who wished to retain some ownership, but cede daily responsibilities, and a CEO who sought to retain his role and take advantage of the Company's long-term potential. Both owners were attracted to MCP's experience and business-building philosophy, and MCP began exclusive discussions soon after the initial meeting. In June 2010, MCP acquired a majority interest in the Company, with both individuals maintaining a minority interest.
While MCP was impressed by the Company's leadership, the flexibility of its technology, and its strong reputation in the market, we also recognized that there were significant risks which needed to be mitigated to drive long-term value creation. At the time of MCP's investment, the Company lacked institutionalization below the CEO level and was overly dependent on revenues from loan modification technology, which we and management understood to be temporary. Immediately after the investment, in conjunction with company leadership, we embarked on a multi-pronged plan to address these risks.
There were three main components to this long-term plan. First, facilitated by a modest level of debt, the Company redeployed the profits from its loan modification offering and invested them in its core loan origination technology, creating an unparalleled solution in that market at a time when its competitors were husbanding their resources. Second, the Company added significant management depth, hiring a new CIO, CFO, and COO, as well as a sales team, to target small- and medium-sized customers. Third, after a comprehensive search for acquisition candidates, Mortgage Cadence in 2012 completed the acquisition of Prime Alliance, a company which sold mortgage technology to credit unions, a highly attractive sector. This acquisition generated meaningful synergies and dramatically diversified the Company's customer base.
As the market began to recognize the significant business-building activities achieved at Mortgage Cadence, the Company's new software sales grew rapidly, and its reputation was enhanced. The Company received considerable attention from strategic buyers, who were attracted to its best-in-class technology and deep management team. In July 2013, MCP consummated the sale of 100% of Mortgage Cadence to Accenture, a leading player in mortgage process outsourcing.