Last week, compliance solutions provider Banker’s Toolbox announced that it has changed its name to Abrigo. This rebranding comes after the company made two significant acquisitions in 2018: lending, credit risk and portfolio risk software provider Sageworks and allowance software solutions provider MainStreet Technologies. The new name will allow the company to more seamlessly incorporate these new acquisitions under a single brand name. In its press release announcing the name change, Abrigo stated that the rebranding is one step towards the firm’s continued push to become the leading technology platform partner for community financial institutions across the country.
By acquiring Sageworks and MainStreet Technologies, Abrigo has already made significant strides towards expanding its suite of compliance, lending and credit risk solutions. As highlighted by its motto “Make Big Things Happen,” Abrigo continues to position itself to help community financial institutions weather challenges ranging from changing regulatory requirements, increasing competition, emerging technologies, shifting customer expectations and limited resources.
Abrigo is now poised to realize its goal of becoming the country’s leading technology solutions provider for mid-market financial institutions. Last year saw the company grow its revenue and market share significantly, and Abrigo now boasts a client roster of more than half of all community financial institutions in the country. The company’s CECL/ALLL compliance products provide support to a greater number of banks than any other firm and stand as the only such products recommended by the American Bankers Association. Looking forward, Abrigo is taking a strong growth stance with plans to expand through organic growth and further targeted acquisitions.
Abrigo is backed by private equity firm Accel-KKR. Accel-KKR’s managing director Park Durrett noted that the firm continues to support Abrigo through its rebranding, noting that Accel-KKR “invested in Banker’s Toolbox to build a platform company serving financial institutions needing compliance solutions. Wayne and the team have built a great company over the last few years, and we are bullish on the future. AKKR is excited and will continue investing in Abrigo and its vision to make big things happen for financial institutions and the communities that they serve.”
