AUSTIN, Texas, Jan. 15, 2019 /PRNewswire/ -- Banker's Toolbox, which acquired MainStreet Technologies (MST) and Sageworks in 2018, announced today that it is now Abrigo. The rebrand marks the next step in the high-growth company's continued journey of becoming the technology platform partner of choice for America's community financial institutions.
Abrigo provides market-leading compliance, credit risk, and lending solutions to enable its customers to think bigger, allowing them to both manage risk and drive growth. Its mission to "Make Big Things Happen" underscores the company's commitment to helping community financial institutions succeed against "the perfect storm" of ever-changing and increasing regulatory requirements, limited resources, increasing and new competition, evolving technologies, and changing customer expectations.
"You don't have to be the biggest to make big things happen. You just need the right partner. Our family of customers has grown significantly over the last few years. We believe the Abrigo name positions us to better communicate our enhanced platform capabilities and our focus on helping our customers not only survive, but thrive," said Wayne Roberts, Chief Executive Officer of Abrigo.
Roberts added, "We are on a mission to build a great company. A company with great solutions that provides great value for customers and has a great culture."
According to Abrigo customer Marvin Tellez, VP and System Administrator at Veritex Community Bank, "The main thing that stands out about Abrigo customer service is their willingness to help and react at a moment's notice to make the client happy."
Abrigo grew its revenue and share significantly in 2018, and now serves over 50% of mid-market financial institutions. In fact, Abrigo's CECL/ALLL compliance products support more banks than any other provider and are the only CECL/ALLL solutions endorsed by the American Bankers Association. Abrigo has aggressive growth plans to add more products, services, and expertise through continued organic growth, as well as targeted acquisitions, in response to customer needs and requirements.
Abrigo is funded by private equity firm Accel-KKR (AKKR). Park Durrett, AKKR Managing Director, states, "We 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."
To learn more about Abrigo's expanded products and services, visit www.abrigo.com.
Abrigo is a leading technology provider of compliance, credit risk, and lending solutions that community financial institutions use to manage risk and drive growth. Our software automates key processes – from anti-money laundering to fraud detection to lending solutions – empowering our customers by addressing their Enterprise Risk Management needs. Visit www.abrigo.com to learn more. Follow Abrigo on social media using @WeAreAbrigo.
About Banker's Toolbox, Inc.
Based in Austin, Texas, and founded in 2000, Banker's Toolbox is a leading provider of Bank Secrecy Act/anti-money laundering compliance solutions for financial institutions. Banker's Toolbox helps organizations manage risk and streamline compliance. The company's product suite consists of proven solutions for money laundering detection and reporting and risk management through fraud prevention.
About MainStreet Technologies, Inc. (MST)
Based in Cornelia, Ga., and founded in 1999, MST is a leader and pioneer in allowance software solutions, advisory services, and education. Financial institutions across the U.S. employ MST to address their allowance requirements, including the software and subject matter expertise to achieve and maintain compliance with U.S. GAAP and the impending CECL accounting standard. MST solutions are tailored for the institution, integrate with core and other lender systems, and significantly improve efficiencies. Banker's Toolbox acquired MST in April 2018.
About Sageworks, Inc.
Based in Raleigh, N.C., and founded in 1998, Sageworks is a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience. Products include Sageworks' top-rated ALLL/CECL software solution. Using its platform, Sageworks has created the largest real-time database of private-company financial information in the United States, analyzed over 11.5 million loans, and aggregated the corresponding loan data. Banker's Toolbox acquired Sageworks in May 2018.
Accel-KKR is a technology-focused investment firm with over $5 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. For more information, please visit www.accel-kkr.com.