Dark Matter Technologies, formerly Black Knight Origination Technologies, has rebranded after being acquired by the Perseus Operating Group of Constellation Software Inc.
The company’s mission is to “revolutionize the mortgage origination business by supporting, growing and aggressively innovating new and existing products, including the popular AIVA artificial intelligence solution and the comprehensive Empower loan origination platform,” Rich Gagliano, Dark Matter Technologies’ CEO, said in a statement.
ICE Mortgage Technology announced plans to acquire Black Knight for $13.1 billion in May 2022, but antitrust concerns delayed the deal for more than a year.
ICE’s proposed acquisition of Black Knight was under review by the Federal Trade Commission, which filed a lawsuit that alleged a combination of the two largest loan origination systems (LOSs) in the mortgage industry would raise costs to lenders, which would then be passed to homebuyers. The FTC also argued that the deal would eliminate competition for product, pricing and eligibility engines (PPEs) and other various ancillary services that are add-ons to an LOS.
The two companies agreed to sell Black Knight’s Empower business and product and pricing engine unit Optimal Blue to a subsidiary of Canada’s Constellation Software in an effort to save the merger deal.
The deal closed earlier this month for $11.9 billion.
ICE, now easily the biggest player in the mortgage tech space, agreed to complete the divestiture of the two businesses to Constellation within 20 days after the acquisition.
“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.
More than 1,300 employees will focus on a transition plan to its clients, Gagliano added.
In addition to Empower and AI virtual assist AIVA, Dark Matter Technologies offers products including service network Exchange and centralized rules engine Automation & Assists, according to its website.
Constellation, through its operating groups like Perseus, acquires, manages and builds vertical market software businesses that provide mission-critical software solutions. Based in North America, Perseus acquires and invests in software businesses like Dark Matter Technologies.