A deal worth more than $65 million escaped our attention when it happened in August and again when we rounded up the list of 2022’s biggest deals.
The original announcement that Abrigo, a bank lending software company based in Austin, Texas, had acquired two products from BankLabs of Little Rock didn’t include any dollar signs.
In calling the deal to our attention, BankLabs’ marketing director, David Pinedo, still couldn’t disclose exact details but said it was “easily ranking in the top 10 deals in Arkansas in 2022.” And No. 10 on the list we published in February was the $65 million purchase of the Transplace office building in Rogers by Tempus Evergreen Inc. of Little Rock. So easily bigger than that.
Abrigo bought loan administration and funding products called Construct and +Pay. “The acquisition allows construction lenders to seamlessly integrate pre-closing origination with post-closing administration activities to automate workflows, streamline communications, and realize greater interest income through faster funding,” according to Abrigo’s news release.
Seven-year-old BankLabs did not escape last month’s list of financial technology companies in Arkansas. It tied for No. 10 with eight employees in Arkansas out of 28 total employees. Mike Montgomery is its chairman and CEO, and Matt Johnner is its president. BankLabs also has an office in Dallas.
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