Consulting firm Milliman has acquired Blue Water mortgage servicing rights (MSR) valuation and hedging services from Apex Analytics Corp. The deal aims to expand Milliman's MSR advisory and risk-management work, while Apex focuses on its core property intelligence technology.
The acquisition expands Milliman's capabilities in the mortgage servicing rights market, enhancing its advisory and risk management services for clients. It also signals Apex Analytics' strategic shift towards its core property technology business.
Consulting firm Milliman has acquired Blue Water mortgage servicing rights (MSR) valuation and hedging services from Apex Analytics Corp. This move marks Milliman's second acquisition in the space within a year, following its purchase of MorVest Capital. The transaction, announced Monday, integrates Blue Water's hedge analytics, trading platform, and quantitative team into Milliman's existing mortgage solutions practice.
Financial terms of the deal were not disclosed. Brett Ludden, managing director and head of mortgage solutions at Milliman, stated that Blue Water's MSR hedge analytics sophistication complements Milliman's mortgage advisory expertise and that the addition of Blue Water's professionals strengthens their practice.
The acquisition is intended to bolster Milliman's MSR advisory and risk-management offerings. For Apex Analytics, formerly Voxtur Analytics, this divestiture supports its strategic plan to concentrate investment on its core property intelligence and assessment technology business. CEO Ryan Marshall indicated that streamlining the portfolio will accelerate innovation in assessment software, artificial intelligence, data analytics, and workflow automation.
Apex believes the sale aligns its capital with higher-growth opportunities in mass appraisal systems, geospatial tools, and AI-enabled assessment platforms. The Blue Water acquisition builds on Milliman's strategy, initiated with the purchase of MorVest Capital in December 2025, which expanded its services to include MSR valuation, financing, hedging, and brokering. Milliman plans to combine the Blue Water hedging platform with its existing capabilities in mortgage behavior modeling, quantitative analytics, hedging strategies, software development, and data science.