Following sale, Black Knight Origination Technologies changes its name to Dark Matter Technologies | ET REALITY

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Dark matter technologiespreviously black knight origination technologies, has changed its name after being acquired by the Perseus Task Force of Constellation Software Inc.

The company’s mission is to “revolutionize the mortgage origination business by aggressively supporting, growing and innovating new and existing products, including the popular AIVA artificial intelligence solution and the comprehensive Empower loan origination platform,” said Rich Gagliano, director Dark Matter Technologies executive, 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 being reviewed by the Federal Trade Commission, which filed a lawsuit alleging that a combination of the two largest loan origination systems (LOS) in the mortgage industry would increase costs for lenders, which would then be passed on to homebuyers. The FTC also argued that the settlement would eliminate competition for products, pricing and eligibility engines (PPE), and other miscellaneous ancillary services that are add-ons to a LOS.

The two companies agreed to sell Black Knight’s Empower business and Optimal Blue product and pricing engine unit to a subsidiary of Canada’s Constellation Software in an effort to salvage the merger deal.

The deal closed earlier this month for $11.9 billion.

ICE, now easily the largest player in the mortgage technology space, agreed to complete the sale of the two businesses to Constellation within 20 days of the acquisition.

“We understand that our long-term relationships with customers extend far beyond innovative technology; “Our clients rely heavily on our team’s unique knowledge and experience to achieve success,” said Gagliano.

More than 1,300 employees will focus on a transition plan for their clients, Gagliano added.

In addition to Empower and AIVA AI Virtual Assistance, Dark Matter Technologies offers products including the Exchange Services Network and the Automation & Assists centralized rules engine, depending on its website.

Constellation, through its operating groups such as 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 companies such as Dark Matter Technologies.

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