Intercontinental Exchange, ICE, has finalized its much-anticipated acquisition of Black Knight. Following the acquisition, ICE announced the sale of its Empower LOS and Optimal Blue assets to Constellation Software, a sale mandated by the Federal Trade Commission.
While both acquired assets have Constellation Software as their new owner, they are set to operate as separate entities. Marking this shift, a fresh company named Dark Matter Technologies has been established under the Constellation umbrella. Its primary objective? To shape the future of the Empower LOS.
Leading this new venture is Rich Gagliano, the former president of Origination Technologies at Black Knight. Gagliano, now designated as the CEO of Dark Matter, is geared up to guide his vast team of over 1,300 professionals. With his leadership, Dark Matter Technologies promises a seamless and smooth transition for the numerous banks, credit unions, and independent mortgage companies that have, for years, relied on Empower LOS for their mortgage origination activities.
"We understand that our existing long-term client relationships extend far beyond innovative technology; our clients rely heavily on our team's unique knowledge and experience to enable their success," said Gagliano. "To that end, I'm proud to announce that our leadership team and 1,300+ employees will focus on a smooth, uneventful transition plan for our clients."
The naming of the company, "Dark Matter Technologies," is emblematic of its ethos. In cosmology, dark matter is considered the invisible yet essential force that binds galaxies, forming the universe's structural foundation. This analogy encapsulates the mission of Dark Matter Technologies. They aim to act as the invisible force powering the crucial operations of their clients, propelling the mortgage origination sector into new dimensions with products like the acclaimed AIVA® AI solution and the Empower® Loan Origination Platform.
Despite its startup agility, the firm leans on the extensive industry experience and insights it has acquired over the years. Staff say this balance ensures they maintain their legacy of an expert team dedicated to top-tier client service and simplifying complex industry operations.
Dark Matter Technologies boasts an expansive client list, including major banks, credit unions, and mortgage lenders, representing a vast chunk of the industry's transactions. The company's commitment extends beyond tech solutions, offering clients financial stability, rigorous audit mechanisms, top-tier security, regulatory compliance tools, and consistent product investment.
Tom George, co-president of the Romulus portfolio of Perseus, who alongside Bonnie Wilhelm, COO of Perseus, championed this acquisition, said, "We're excited to invest in this industry-leader and to bring the impressive product roadmap to life. The leadership, the talented teams, the strong customer relationships—Dark Matter Technologies has everything we look for in an acquisition."
