Austin, a USA-based leader in compliance, credit risk, and lending solutions for financial institutions, Abrigo acquired DiCOM Software. The company announced the acquisition on January 27, 2023. However, it did not disclose the amount of the purchase.
Founded in 1999, DiCOM Software is a leading provider of automated credit risk management software.
Purpose of acquisition by Abrigo
With the recent integration of DiCOM Software and Abrigo, the companies seek to provide financial institutions with access to best-in-class loan review. It also aims to provide them with portfolio analysis solutions.
Leveraging Abrigo’s loan origination system and DiCOM Software’s web-based solutions, loan review staff can easily perform effective risk assessments. Besides, it can increase loan review productivity, and improve credit quality without having to rekey data stored in siloed databases. Meanwhile, DiCOM clients gain additional resources to manage the full life of a loan while managing fewer vendors.
What the Abrigo official has to say
Jay Blandford, CEO of Abrigo, said, “Abrigo’s credit risk management assistance has strengthened financial institutions for the better part of 20 years, but a key part of our strategy as we grow is to make sure we are responding to the market pressures our customers face. DiCOM Software helps us do that. Combined with Abrigo’s existing lending and portfolio risk offerings, DiCOM’s robust solutions help our customers prepare for any type of credit risk that might evolve.”
He further added, “In partnership with The Carlyle Group and Accel-KKR, Abrigo is accelerating our investments in our people, our products, and our service to customers. We’re thrilled to have the DiCOM Software team members join the Abrigo family, and we share their commitment to offering innovative and highly effective credit management solutions so financial institutions and the communities they serve can thrive.”
What the DiCOM Software CEO has to add
Steve Wert, DiCOM Software’s President & CEO, said, “Our customers will realize significant benefits from the increased depth and breadth of our integrated suite of market-leading credit risk management solutions. Additionally, the combined strength of Abrigo’s and DiCOM’s experienced, customer-focused credit risk professionals will provide unparalleled service within the market. This acquisition is a great fit and natural evolution for DiCOM.”
About the company
Daniel Cho launched Abrigo in 2000. Austin, Texas-based Abrigo enables U.S. financial institutions to support their communities via technology that fights financial crime, grows loans and deposits, and optimizes risk. The company’s platform centralizes the institution’s data, creates a digital user experience, ensures compliance, as well as delivers efficiency for scale and profitable growth.
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